Crude Oil Weekly Price Forecast – Crude Oil Looks as If It’s Finding a Bottom

Crude Oil Prices Forecast Video for 18.12.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market plunged a bit during the trading week, only to turn around and show signs of life. By doing so, it looks like we are in the midst of trying to find a bottom, which of course is a process more often than not, not something that happens quickly. The $65 level underneath is a massive support level, and as long as we stay above there, it is likely that we at least can attempt to try to turn around and show signs of life.

All things being equal, I think this is a market that continues to be very noisy, and probably somewhat sideways between now and the end of the year. That being said, I think it’s probably only a matter of time before the market does start to try to price in some type of value play. That being said, if we were determined to break down below the $65 level, that would be disastrous.

Brent Crude Oil Technical Analysis

Brent markets also fell a bit during the trading week, only to turn around and show signs of life. The $70 level is a massive support level, and if we were to break down below there, it would obviously be a very negative turn of events. That being said, I think a lot of short-sellers are starting to take profit, and we are starting to question whether or not we are forming a bit of a “double bottom” in this market. Looking at this chart, I think it continues to be really noisy, but eventually I do think that the buyers come in and try to pick things up.

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