Crude Oil Daily Forecast and Technical Analysis for April 26, 2024, by Chris Lewis for FX Empire

Crude Oil Daily Forecast and Technical Analysis for April 26, 2024, by Chris Lewis for FX Empire

crude oil continues to grind a bit
higher this is Chris taking a look at
the crude oil market and as you can see
the crud oil Market has been slightly
positive in the early hours in the west
Texas intermediate grade but right now
it looks like the
$84 to the
$85 level is going to be an area that is
difficult to overcome that doesn’t mean
that we can’t and it doesn’t mean that
we won’t it just means that it is going
to be a bit of a headache ultimately I
think this is a situation where you
continue to look at short-term pullbacks
as potential buying opportunities
because of all of the geopolitical
issues if nothing else ultimately I do
think this is a market that will break
out to the upside due to the seasonality
of it more than anything else but I also
recognize that uh underneath we have the
$80 level as a hard floor right along
with the 50-day em a Brent markets look
very much the same they have ran right
into the previous trading block and it
looks to me like we are going to try to
get to the $90 level it’s not
necessarily going to be easy but it
certainly looks as if we could get there
on the occasional pullback and refilling
of long positions Brent has a major
support level in the form of the 50-day
EMA and of course the
$84.50 level so all things being equal I
think you’ve got got a situation where
you have to look at this through the
prism of something that looks pretty
decent uh but may have a little bit of
overhang here to deal with again
geopolitical concerns I don’t think are
being properly priced into the market
and perhaps the odd headline May set the
oil Market on fire with this I like
buying dips I have no interest in
shorting if you like the video give me a
thumbs up and subscribe
[Music]

Crude continues to be very noisy, as there are multiple things going on at the same time. With this, I think we are going to have to get used to volatility.

For the full article:
https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-crude-continues-to-see-noisy-yet-positive-momentum-1426450/

*SUBSCRIBE TO OUR CHANNEL*

Facebook – https://www.facebook.com/fxempire
Twitter – https://twitter.com/FXEmpirecom
Instagram – https://www.instagram.com/fxempirecom/
TikTok – https://www.tiktok.com/@fxempire.com
Linkedin – https://www.linkedin.com/company/fxempire/

📲 DOWNLOAD OUR APP!
https://apple.co/3Ljn60d
https://bit.ly/3K1UE1g

Find more information about Forex and Commodities News:

News: https://www.fxempire.com/news
Technical Analysis: https://www.fxempire.com/forecasts/technical
Fundamental Analysis: https://www.fxempire.com/forecasts/fundamental
Brokers: https://www.fxempire.com/forex-brokers
FX Empire: https://www.fxempire.com/