Crude Oil Weekly Price Forecast – Crude Oil Has Consolidation for the Week

Crude Oil Prices Forecast Video for 14.08.23

WTI Crude Oil Weekly Technical Analysis

Crude oil has been very noisy during the course of the trading week, and therefore it does make a certain amount of sense that we have stalled just below the $85 level. If we can break above the $85 level, then it opens up the possibility of a move to the $90 level, considering that we have recovered quite nicely from a sharp selloff. If we break down below the 50-Week EMA, it’s possible that the market corrects even deeper, but right now it looks like crude oil is threatening some type of bigger breakout.

This makes sense, due to the fact that OPEC has increased its production cuts, and then of course at the same time the Americans are trying to refill the Strategic Petroleum Reserve in the United States. The US dollar slipping a bit has added a little bit of momentum to the market as well. All things being equal, this looks like it’s going to continue to be a “buy on the dips” market.

Brent Crude Oil Weekly Technical Analysis

Brent markets also dipped a bit during the course of the trading week, but found enough support near the 50-Week EMA to turn things around and show signs of life. By doing so, it looks like the market is trying to get to the $90 level. The $90 level of course is a large, round, psychologically significant figure and an area where we’ve seen some resistance previously. If we can break above there, then it’s likely that the Brent market will go looking to the $100 level, which obviously has a lot of psychology attached to it.

On the other hand, if we were to break down below the bottom of the weekly candlestick, that would be a very negative sign and almost certainly send Brent down to the $80 level.

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