Advertisement
Advertisement
Crude Oil Price Outlook – Crude Oil Continues to Grind Back and Forth Via Rally on Wednesday
Published: Dec 11, 2024, 15:50 GMT+00:00
The crude oil market has risen in the early hours of Wednesday, as the market continues to ask questions about the idea of energy demand, oil supply, and the geopolitical issues that could in fact have an influence on this market.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market rallied a bit during the early hours on Wednesday as we are hanging around the $70 level heading into the New York session. Just as importantly, we see the 50 day EMA there, so we are in an area where you might expect to see a little bit of downward pressure. At least that’s been the pattern for some time. Short term pullbacks, I believe, will end up being buying opportunities, but for short term trades.
If we do break above the $71 level, then I think we could go looking to the $72.50 level above, which is a major resistance barrier. If we do fall from here, somewhere around the $67 level, you’ll see support begin to show itself all the way down to the $65 level. In general, I think this is a scenario where a lot of back and forth will be the norm. This does make a certain amount of sense as we are trying to sort out whether or not demand is going to pick up.
Brent Crude Oil Technical Analysis
The Brent market is very much the same thing as we are going back and forth during the session as well. Ultimately settling on a push towards the 50 day EMA. If we can break above the $74 level, it opens up the possibility of a move to the $76 level. Short-term pullbacks will continue to see support start at about the $71 level and extend down to $70. While it has been a negative drift as of late, oil still looks very choppy in this region, so I suspect it’s more range-bound sideways action just waiting to happen.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
Latest news and analysis
Advertisement