Crude Oil Weekly Price Forecast – Crude Oil Markets Bounce for the Week After Initially Falling

Crude Oil Prices Forecast Video for 28.08.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the course of the week to break down below the 50-Week EMA. However, we have turned around to show signs of life and ended up forming a bit of a hammer. This suggests that we are in fact seeing more of a “buy on the dips” attitude out there, probably due to the fact that Saudi Arabia continues to hold 1 million barrels per day out of the market. Supply is going to become a serious issue, despite the fact that we may have a global slowdown.

If we were to break down below the bottom of the candlestick, then it opens up a move down to the $74 level, but right now that doesn’t look to be in the cards. It above, we have the $85 level looming large as a potential resistance barrier.

Brent Crude Oil Weekly Technical Analysis

Brent markets have also fallen during the course of the week, only to turn around and show signs of life at the 50-Week EMA. The $87.57 level above is resistance, and if we can break above that, then it’s likely that we go much higher. At that point, I would target the $90 level, followed by $100. A breakdown below the bottom of the candlestick opens up the possibility of a move down to the 200-Week EMA, and at this point I think it’s very unlikely that we see that happen.

All things being equal, I do expect to see a lot of volatility in the crude oil markets, as there is a huge argument between the global demand and supply equation, but increasingly it looks like a lack of supply is the main narrative.

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