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Crude Oil Weekly Price Forecast – Crude Oil Continues to See Range Playing Out
Published: Aug 16, 2024, 15:43 GMT+00:00
The crude oil market initially tried to take off for the week, but at this point it looks like we continue to see resistance above, offering a bit of a ceiling.
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil Market has rallied a bit to test the 50 week EMA only to turn around and show signs of negativity. All things being equal, this is a market that continues to see a lot of noise in general, and therefore I think it’s not a huge surprise that we couldn’t hang on to the gains as we got close to the $80 level, which is more or less the top of the overall consolidation range between that level and the $67.50 level.
In general, this is a market that I think is trying to sort out what it’s going to do going forward due to the fact that the global economy seems to be a bit of a mess. And if that’s the case, it does make a certain amount of sense that crude oil could struggle. Ultimately, I think longer term traders are just looking at a sideways market and it is going to be difficult to put a lot of money into work.
Brent Crude Oil Weekly Technical Analysis
The Brent market is doing very much the same as it continues to bounce around. At this point, it is basically near the 200 week EMA, and it is not quite to the middle, but close to the middle of the larger consolidation area that we’ve been in for two years. I don’t think that really changed much. And I think at this point in time, you are still a buyer of dips in oil to a point, but I also realized that this is a market that just does not know where to go because quite frankly, we haven’t known where to go for almost two complete years. I don’t think anything on this chart changes that overall attitude.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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