Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Look for Support

Crude Oil Prices Forecast Video for 20.11.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the week but continues to see a lot of negativity. At this point, we are testing the 200-Week EMA, an indicator that a lot of people will pay close attention to from the longer-term standpoint. We are also right around the $75 region, so if we turn around and take that out, we could see a bit of recovery. This has been a massive drop over the last month, so at the very least I think you probably see some type of recovery or at least return to the mean.

On the other hand, if the market were to break down below the weekly candlestick, we could drop down to the $70 level, but at this point in time I think this is a situation where the market will continue to be very noisy, so you have to be very cautious.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have gotten hammered, but at this point in time it’s likely that we continue to see a bit of short covering, as we have dipped below the 200-Week EMA. If we can recapture the $80 level, then the market can continue to go looking to the $85 level, as crude oil is pricing in something rather nasty recession, but at the same time, the market is so overextended that I think it is probably only a matter of time before traders try to find some value. Furthermore, OPEC is probably going to start cutting if this keeps up, as they cannot afford oil dropping the way it has been. Expect more volatility, not less.

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