Crude Oil Price Forecast – Oil Markets Break Out a Falling Wedge

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during trading on Tuesday, as Saudi Arabia has suggested that perhaps they may have to readjust or rethink the output of crude oil as prices have fallen rather sharply. That being said, on the other side of the equation you have the possibility that the Iranians may be entering the market, thereby flooding another 1 million barrels into the daily output.

We have been in a falling wedge, and this is a technically bullish signal, with the potential target as high as $100. If we can break above $100, then I would be rather impressed. Until then, any signs of exhaustion I think will probably be a selling opportunity.

Crude Oil Prices Forecast Video for 24.08.22

Brent Crude Oil Technical Analysis

Brent markets have broken higher to clear the 200 Day EMA, and now it looks as if it is going to try to find the 50 Day EMA. We have also broken out of a falling wedge in this market, but again, I think this is a short-term move at best because a lack of demand is something that OPEC can do nothing about. Yes, they can cut production, but at the same time, if there is no demand, nobody cares.

I would like to see some type of rally that has a candle that forms a long rising wick. If I get that, then I won’t hesitate to start shorting, but I do recognize that if the Brent markets get above the $105 level, then we will have entered a new phase of bullish momentum and would have to follow it.

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