Crude Oil Daily Forecast and Technical Analysis for May 03, 2024, by Chris Lewis for FX Empire

Crude Oil Daily Forecast and Technical Analysis for May 03, 2024, by Chris Lewis for FX Empire

oil continues to build a base this is Chris from FX Empire taking a look at the crude oil markets the west Texas intermediate crude oil Market has shown itself to be uh rather noisy during the trading session again on Friday as the jobs numbers came out lower than anticipated this gives us a little bit of a mixed reaction due to the fact that there may be less demand because there’s less jobs being added but at the same time some people will start buying because if the FED is actually going to start cutting sometime later this year that could boost demand due to cheap money we’ll just have to wait and see how that plays out at this point the signal for me is if we can break above the $80 level then I become much more interested in going long of crude oil I don’t want to short the market though I do think there is plenty of support just below so now it’s just a simple matter of letting the market move first and following Brent markets look very much the same and it’s worth noting that we are hanging around the 200 day EMA as well in the Brent Market I’m particularly interested in the $84.50 level because that’s an area that previously has been both support and resistance if we can break above there then I think it’s very likely that the Brent Market goes higher as well and I expect these signals to happen roughly at the same time crude oil markets have completely discounted any type of geopolitical concerns which means that an errant headline could send this thing right back around as well so always be aware of that furthermore cyclically speaking this time of year is typically very bullish for crude oil anyway if you like the video Thumbs Up And subscribe [Music]

Crude oil continues to see a lot of people trying to jump into the market and build a base. At this point, I think this is a market that will sooner or later have to make a bigger decision.

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https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-crude-oil-continues-to-build-a-base-1428052/

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