Crude Oil Price Forecast – Crude Oil Markets Slam Into the Top of a Triangle

Technical Analysis of WTI Crude Oil
The West Texas Intermediate Crude Oil market recovered sharply during Friday's trading session to reach the $110 level. The downtrendline naturally comes into the picture and offers a lot of selling pressure. If we can surpass the highs of the past few weeks, the market is likely to continue higher and maybe reach the $120 mark. Alternatively, if we could see this market turn around and fall back to the 50-day EMA.
It will be interesting to see how this plays out, but pay close attention to the highs that we are approaching as that will be key to telling you where we are headed short-term. In the longer term, it almost certainly looks like oil will at least try to climb higher.
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Crude Oil Price Forecast Video 05/16/22
Brent Crude Oil Technical Analysis
Brent markets have also hit the top of a triangle and are showing signs of trying to break out as well. Ultimately, this is a market that I think is likely to pull back into the triangle given enough time, but I believe the 50-day EMA should come into the picture for support, as should the triangle's uptrendline. At this point the market continues to show a lot of volatility and I think given enough time we will more than likely find a buy at dip type situation. The market will continue to pay close attention to these trendlines and make a bigger move once we finally break out. Anyway, as of this writing, it looks like buyers have a lot more momentum than anything else.
For an overview of all of today's economic events, check out our economic calendar.
This article was originally published on FX Empire
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