Crude Oil Weekly Price Forecast – Crude Oil Markets Continue Consolidation

Crude Oil Prices Forecast Video for 16.01.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market has rallied during the course of the week to reach toward the $80 level. At this point, if we do get a move higher, that could open up the $85 level, as we have been consolidating just above the 200-Week EMA. However, it’s also possible that we simply continue to grind back and forth in this area. After all, there are a lot of questions being asked right now about the global demand for crude oil as the economy seems to be slowing down. Because of this, I would expect choppy behavior to say the least. That being said, if we were to break down below the lows of the last couple of months, that could open up a move down to the $65 level.

Brent Crude Oil Weekly Technical Analysis

Brent also has rallied during the week, staying in the consolidation area we had been in for a while. At this point, if we can break out above the $87 level we could make a run towards the 50-Week EMA, just as a pullback could very simply be a return to the consolidation that we have seen.

It is because of this that the longer-term trade probably kicks off after next week, assuming that we get some type of breakout. Short-term trading is probably going to be preferable, because quite frankly we have so much in the way of choppiness. With this, I do think that the 200-Week EMA is going to continue to offer support, but if it gives way to selling pressure, $70 would almost certainly be targeted rather quickly based upon momentum.

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