Crude Oil Weekly Price Forecast – Crude Oil Markets Break Out

Crude Oil Prices Forecast Video for 17.07.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied rather significantly during the course of the week to break above the $75 level. The 50-Week EMA sits just above there, and in looks like it could be a bit of a barrier. We are right in the midst of an area that has been noisy for some time, so a little bit of a pullback does make a certain amount of sense. Furthermore, the market has been trading between the 200-Week EMA and the 50-Week EMA indicators over the last week, which typically will cause a bit of a squeeze. I think a short-term pullback probably makes a bit of sense, but it looks like we are going back and forth to buy short-term pullbacks in order to continue going higher. If we break above the 50-Week EMA, then we could go looking to the $82.50 level.

Brent Crude Oil Weekly Technical Analysis

Brent markets have rallied to break above the $80 level, but at this point we still have the 50-Week EMA above offering resistance. As we are sitting between the 200-Week EMA and the 50-Week EMA in the Brent market, just as we are seen in the WTI market, it looks like we could squeeze rather quickly. All things being equal, this is a market that I think continues to see a lot of noisy behavior, but if we can break above the 50-Week EMA, then it’s likely that we could go looking to the $87.50 level.

Underneath, if we were to break below the 200-Week EMA, we could go down to the $75 level, but it looks as if oil is trying to form some type of bottoming pattern, and therefore I think the buyers are eventually going to succeed.

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