Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Kill Time

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market is hanging around the $90 level yet again, an area that I think will continue to be important. If we break down below the bottom of the last 2 candlesticks, it’s likely that oil will drop toward the $80 level. If we break down below the $80 level, it could kick off a new trend.

On the other hand, if we can break above the highs of the previous week, then it’s likely that we could go looking to reach the $100 level. The $100 level obviously has a certain amount of psychology attached to it, so keep that in mind. I do believe that ultimately this is a market that will try to figure out a bigger move, but there are so many different things going on at the same time that the noise is almost unbearable.

Brent Crude Oil Weekly Technical Analysis

Brent markets have gone back and forth as well, as we continue to see a lot of noise right around the $100 level, and of course the 50 Week EMA. This market should continue to be of the mind that we are simply sitting around and waiting for something to happen, and therefore I think you could probably not read too much into the action other than the fact that the $90 level looks to be supported. If we were to break above the top of the candlestick for this past week, we probably then start to threaten the $104 level. The $104 level is an area that I think a lot of people will be paying close attention to, as it has been such obvious resistance.

Crude Oil Prices Forecast Video for the Week of 29.08.22

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