Crude Oil Weekly Price Forecast – Crude Oil Markets Continue Overall Consolidation

Crude Oil Prices Forecast Video for 13.03.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the trading week, showing signs of hesitation. Ultimately, this is a market that I think continues to see a lot of choppiness, as we are trying to figure out what to do next. Ultimately, the market is sitting between the 50-Week EMA and the 200-Week EMA indicators. The 61.8% Fibonacci level since just below the 200-Week EMA, so I think that holds quite tight.

Keep in mind that a lot of traders are trying to figure out whether or not we are going to see a major recession, which of course could work against demand. On the other hand, if the supply stays tight and we start to see demand pickup, then it could cause this market breakout to the upside. In the meantime, though, looks like we are killing time.

Brent Crude Oil Weekly Technical Analysis

Brett markets also have fallen during the week, as we are hanging below the 50-Week EMA, and the 200-Week EMA underneath. At this point, I think it’s only a matter of time before we have to break out of this range, and when will you do it opens up the possibility of a move for $10 in either direction. That being said, the market is likely to continue to see a lot of indecision at this point, so with this set up in the way it is, I think it’s probably going to be a market that shorter-term traders are attracted to, but as soon as we break out of this range, then it’s also a possibility to make a bigger trade on the weekly chart.

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