Crude Oil Markets: Crude Oil Price Prediction Continue to Locate Customers

During the trading period on Monday, the price of crude oil originally declined a little, but soon found buyers again right around the 50-Day EMA.

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market originally pulled back a touch during the trading period on Monday but found enough support near the 50-Day EMA to show signs of life. I believe it is becoming increasingly clear at this time that the market is attempting to return to the peak of the broad range. The issue now is whether the market will be able to break out or if there will be enough selling in that region to keep the market contained in the same consolidation.

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I can’t help but observe that we appear to be trying to maintain the sideways movement in this area, but it is also important to note that we are progressively attempting to make higher lows. If that turns out to be the case, it may be an indication that investors are about to drive this market higher. In any case, I wouldn’t take too many chances in this market just yet. A monthly finish above the 200-Day EMA would be extremely bullish.

Brent Crude Oil Technical Analysis

Early on Monday, Brent markets also declined to the 50-Day EMA before turning around and displaying indications of vitality. The 200-Day EMA is resting just above the $89 mark, which is the top of the general consolidation region that we have been in. I believe it is conceivable that we could look into the $95 mark if we can break above that.

Short-term pullbacks should be seen as buying opportunities, and they should stay so until we hit the top of the rectangle, at which point I will wait to see if we have an exhaustion candle that we should consider shorting, or if this is going to be the scenario where we eventually break out. The lows in this market continue to get slightly higher, so it might be an indication that perhaps we are getting set to break out. I’m not sure if that will happen now or later, but I do know that many experts believe that crude oil costs will rise throughout the summer.

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