Crude Oil Daily Forecast and Technical Analysis for May 06, 2024, by Chris Lewis for FX Empire

Crude Oil Daily Forecast and Technical Analysis for May 06, 2024, by Chris Lewis for FX Empire

crude oil continues to attempt a turnaround this is Chris from FX Empire Tak a look at the crude oil Market the west Texas intermediate crude oil Market has rallied slightly during the trading session on Monday and at this point in time it looks like we are trying to take out the 200 day EMA if we can break above there then the $8 level could be a bit of a uh barrier it’s of course a large round psychologically significant figure and an area that previously has seen a lot of action if we can take out the $80 level to the upside then I think oil truly takes off underneath I see a ton of support especially right around the $77 level which is basically where we are bouncing from so I’m cautiously optimistic in this market but not necessarily willing to throw a lot of money into it yet Brent markets look very much the same it looks like we’re trying to take out the 200 day EMA as we are about bouncing from a cluster that you could see over here from a couple of months ago if we can take out the $84.50 level then it’s likely that crude oil and the Brent grade will go looking to the $88 level and then eventually the $90 level at this point in time I do think we are going to see an attempt to break to the upside but you’re going to have to be somewhat cautious and patient geopolitical concerns have been completely over overlooked and then of course this correction I think does offer a bit of a value opportunity for those who are bullish ACC crude from the longer term standpoint and and I do think that as we head into this time of year where there’s more demand anyway it does make a certain amount of sense that this eventually goes higher perhaps trying to reach the $90 level this could end up being a buying opportunity but again you want to be very cautious initially you want the market to prove you correct before you start putting lots of money into the market if you like the video give me a thumbs up and subscribe [Music]

The oil markets look likely to bounce a bit at this point, as we have seen a lot of support coming into the markets. That being said, this is a market that can perhaps be looked into for a trade.

For the full article:
https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-crude-oil-continues-to-fight-on-monday-1428516/

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