Crude Oil Weekly Price Forecast – Crude Oil Markets Building Base

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be confused yet again during the trading week, as we are trying to figure out where we are going in the future. Ultimately, a lot of what you are seeing is nonsense surrounding expectations of the Federal Reserve and a potential “pivot.” With inflation at 7.7%, it’s difficult to imagine why they would, so at least that part of the equation should eventually work itself out. However, there is a supply concern, and that might be the more organic reason for this market to eventually go higher. If we can break above the $92.50 level, I think we do just that.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have the look of a market that’s trying to build a base, sitting just above the 50-Week EMA, and just below the $100 level. The $100 level obviously has a certain amount of psychology attached to it, so I would pay close attention to it. If we were to break above there on a daily close, then I think the weekly chart will suddenly look a lot more constructive, perhaps sending Brent back up to the $120 level.

On the other hand, the $90 level underneath looks to offer support, and a breakdown below that level would be extraordinarily negative. At that point, I anticipate that we would see very little in the way of strength, and it’s very possible that Brent could drop down to the $80 level before it’s all said and done in that environment.

Crude Oil Prices Forecast Video for the Week of 14.11.22

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