Crude Oil Daily Forecast and Technical Analysis for May 01, 2024, by Chris Lewis for FX Empire

Crude Oil Daily Forecast and Technical Analysis for May 01, 2024, by Chris Lewis for FX Empire

crude oil testing support this is Chris from FX Empire taking a look at the crude oil markets the west Texas intermediate crude oil Market has fallen to test the $80 level during the early hours on Wednesday which does make a certain amount of sense as we had been falling toward that support level anyway furthermore we also have to keep in mind that the fomc meeting on Wednesday will have a major influence on what happens next and as a result you’re probably more or less in a holding pattern that being said this is technically an area I’d be interested in buying but you can’t get overly exposed at this point because quite frankly the uh uncertainty out there will continue to be a major issue for not only oil but just markets in general this is obviously an area that previously had been resistance before so Market memory could come into the picture Brent markets also have fallen to reach down to the $84.50 level where we had seen previous resistance and have bounced from there whether or not they can maintain this strength we’ll have to wait and see but right now it certainly looks like a market that is doing everything it can to recover it could go as high as $90 and of course you have to keep in mind that markets right now have to worry about a whole Litany of things not the least of which would be conflict in the Middle East however the demand question comes into Focus as well as we have recently seen a little bit of an inventory build something that of course is patently negative with this being the case I think you continue to see volatility but there’s a lot of technical support here if you like the video give me a thumbs up and subscribe [Music]

The crude markets fell initially on Wednesday but have fund support in a major area. At this point, we could be looking at a potential short-term recovery. FOMC announcements during the day will make for volatile conditions.

For the full article:
https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-crude-oil-continues-to-look-for-buyers-1427576/

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