Crude Oil Weekly Price Forecast – Crude Oil Falls Hard For The Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market has had a bad week as we are threatening the $67.50 level underneath as a potential support level. This is an area that has been important for a couple of years now, so I think at this point in time you could very well see value hunters coming back into the market as it is so important.

The question is whether or not OPEC will do anything to defend the crude oil markets because they have been known to do so in the past, but I think really what we have is a situation where traders are worried about the overall demand. Is the global economy slowing down? And as long as that’s a question, I don’t think we have a whole lot of upward momentum. That doesn’t mean that we have to slice through the bottom and fall apart. It just means that we don’t have a situation where it’s a screaming bye, at least not yet.

WTI Crude Oil Weekly Technical Analysis

Over here in the Brent market, very much the same situation as the $70 level has been significant support as it has been multiple times over the last two years. But even going back four years, you can see that the $70 level has been crucial. If we turn around and bounce from here, it’s likely that the market could go looking to the $80 level above.

The market is obviously one that is trying to figure out where the bottom is. And I think ultimately this is an area where a lot of people would be looking for value. But the question is, will we find it? Will we find enough people willing to take the chance? I do think that a bounce is probably more likely than not, but I would not put a big position on at this point in time because quite frankly, we are a bit concerned about global growth.

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