Crude Oil Weekly Price Forecast – Crude Oil Continues to See Volatility

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market has spent most of the week falling, but on the Friday session, we saw a lot of upward momentum. We ended up forming a bit of a hammer, which is preceded by a shooting star. So, this tells me that market participants don’t really know what they want to do. This leads us to yet another consolidation. And I think we will continue to see a lot of consolidation in this market, as well as consolidations pretty much in everything.

The markets just don’t know what to do with themselves. And the crude oil market, of course, won’t be any different. Why would they be? With that being the case, I think in the next couple of days, we will probably see a little bit of noise, but I wouldn’t hold my breath for anything great. The $80 level above could be your target, and the $71.50 level underneath could be support.

Brent Crude Oil Weekly Technical Analysis

Brent markets look very much the same yet again, and just like the WTI markets, they are simply going back and forth between two well-defined levels. This is a market that’s got nowhere to be, but I suppose you can make an argument that it’s closer to the bottom than the top, so you do have to pay attention to that, but really, I think you’ve got to look at this as a market that is short-term chop.

Longer-term traders have probably no real interest in it as we have to worry about the possibility that demand will be eviscerated. And if that’s going to be the case, then obviously the price will drop. It’ll be interesting to see how this plays out. I think we’ve got a situation where traders, quite frankly, are just kicking this back and forth.

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