Crude Oil Price Outlook – Crude Oil Continues to See Buyers on Dips

WTI Crude Oil Technical Analysis

Crude oil markets have been all over the place in the early hours of Tuesday as we continue to see a lot of volatility. The $72.50 level above is a significant barrier that we will have to pay attention to, not only due to the recent noise in that area, but also the 50 day EMA hanging about. So with that, I think you’ve got a situation where if we can break above that 50 day EMA, then we will go challenging the 200 day EMA.

I don’t know if it is going to be easy to get a grip on this market in the short term, because there are so many different things going on at the same time. That being said, I also recognize that traders will continue to see this through the prism of a market that has to worry about tariffs and global trade in general. So, I expect volatility, but I do prefer buying short-term dips.

Brent Crude Oil Technical Analysis

Brent market is very much the same as the 50-day EMA has offered resistance right along with the $75.50 level. This area in general I think is worth paying attention to and if we can break higher, then the 200-day EMA gets targeted at the $77.38 level. Short-term pullbacks continue to be supported by the $74 level, and I think that will probably end up being the case overall.

Ultimately, this is a market that has been noisy, but I also think it is a market that will continue to be one that eventually breaks out to the upside, especially as we start to head into the higher demand season that generally starts sometime in spring.

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