Crude oil prices have rebounded from support zone around $94/brl last week, a floor seen since the war in Ukraine started. Technical momentum is shifting but not enough to suggest that the recent sell-off has run its course.
Crude oil prices are below both the rising trendline from the December 2021, April 2022, and May 2022 lows and the symmetrical triangle in place since the end of February. The rebound from the support zone between 90.06 and 94.42 can’t be dismissed, however. Crude oil prices are back above their daily 5- and 8-EMAs, but below their daily 13- and 21-EMAs; the EMA envelope remains in bearish sequential order.
As noted last week, “momentum is starting to turn the corner, but not enough to suggest that a workable low has been established.” A move above the daily 21-EMA would coincide with a return into the symmetrical triangle, which would offer the greatest confidence that the sell-off has finished.Momentum continues to give a mixed if not more bearish perspective on the weekly timeframe.
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