WTI and Brent Crude starting bull run? US indices recover but falter [Video]

Despite the turmoil in the markets, we will still look for technical opportunities, if they make sense.

Could WTI and Brent Crude Oil be starting a bull run?

 

Everything in this video,  and all our videos, is purely observational and does not constitute trading advice.

Since the first week in March we see WTI and Brent moving up.

Price action has just reached and bounced off the upper trend line so another opportunity might occur at the lower trend line or support.

If we add MACD, we can see bullish indication as well.

If we move out to the daily chart, we see the signal line of the MACD passing out of the histogram which is also a bullish indicator.

If we get a pullback, keep an eye on $71 which is support on Brent Crude.

We looked at this gap to the upside on the Dow Jones Industrial Average last time and the gap was filled.

Just like last time, we will ignore the technicals for a while and wait for the chaos in the White House to settle down.

There is really no predicting if the insane tariffs will take effect on 2 April or not.

Price action on gold went over $3,050 this week and, for a downturn, we are still waiting for any positive news out of the Russia/Ukraine war, the Suez Canal, and, of course, the White House.

Silver followed gold higher but it fell back a lot further.

If we want to see a long opportunity on silver we might want to wait for price action to fall and bounce off the lower trend line.

Also, watch your technicals.

That’s all for now.

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