Crude Oil Daily Forecast and Technical Analysis for May 02, 2024, by Chris Lewis for FX Empire

Crude Oil Daily Forecast and Technical Analysis for May 02, 2024, by Chris Lewis for FX Empire

crude oil attempting to Rally this is Chris from FX Empire taking a look at the crude oil Market the crude oil Market in the west Texas intermediate grade has bounced a bit during the early hours on Thursday as we are trying to hang on to the 200 day EMA crude oil has been absolutely crushed over the last couple of days but we are now starting to get into an area that should have a lot of support based upon previous action if we can turn around and break back above the $80 level on a daily close then I think it’s a situation where buyers will jump in and try to push this Market back towards the $83 level on the other hand if we were to break down below the $78 level that could open up a bit of a trapo if that’s the case then one would have to think that oil Traders are betting on a slowing economy Brent continues to hang around the 200 day EMA as well and if it can recapture the $84.50 level then I think it’s likely that we will break towards the 50-day EMA in general I think this is a market that will be very difficult but I also recognize that we are in an area where you would expect to see a lot of support because of this I suppose it is probably thought of as a value proposition because quite frankly if we can’t pick it up soon now now that we are in the midst of driving season that could be a bad sign furthermore you also have to keep in mind that it’s only going to take the wrong headline coming out of the Middle East to send this Market straight back up into the stratosphere so with that I think this is just noise nonsense Etc so whether or not we can recapture that previous support level is what I would be watching in both grades of crude oil if you like the video give me a thumbs up and subscribe for [Music]

The oil market has been rather negative over the last few days, and as a result we are now looking into whether or not we have buyers in a very important region.

For the full article:
https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-oil-continues-to-look-for-buyers-1427794/

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