WTI Crude Oil Technical Analysis
The West Texas Crude Oil market was relatively calm on Friday, but we’ve seen a lot of momentum over the past few days, so it only makes sense that we see the market ready to hold on to contracts. that he owns. heading for the weekend. This is yet another reason to think this market is going to be bullish, and I also suggest that the market’s break above the $115 level opens up the possibility for even bigger gains.
Setbacks should be viewed as opportunities, as we are very optimistic. In fact, when you look at the overall uptrend, you can see that the most recent pullback was much shallower than the previous three. In other words, the momentum is accelerating.
Crude Oil Price Forecast Video 30.05.22
Brent Crude Oil Technical Analysis
Brent markets fell slightly in Friday’s trading session, only to turn around and recover. It looks like we are putting pressure on a major supply zone, and I anticipate it is only a matter of time before we see buyers stepping in with each pullback. If we can break above the $115 level, I expect a lot of people to jump into this market and try to take advantage of the momentum. I anticipate that we would be looking to reach the $120 level, maybe even higher than that fairly soon. Either way, it’s a market that’s obviously well supported, and it looks like we’re set to go higher over the next few weeks, if not months. We are heading into the summer driving season and China is starting to reopen. Both are going to be bullish for Crude.
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