Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Trade in a Range

Crude Oil Prices Forecast Video for 13.02.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the week, taking out the range of the previous week. All things being equal, this is a market that has been very noisy, and therefore choppy. However, we have been in this range for a while, and I think you need to look at it through that prism. The 50-Week EMA sits just above $85 level, which subsequently the 200-Day EMA does as well. There is plenty of resistance and therefore if we were to break above there, then I think the market goes much higher. If we turn around and break down below the 200-Week EMA, then it’s possible that we could go down to the $70 level.

Brent Crude Oil Weekly Technical Analysis

Brent markets have been very bullish as well, and also covered the entire range of the previous week. By doing so, it looks as if the market is going to continue to see a lot of noise, therefore it’s likely that we are still trying to determine whether or not this is accumulation, or if it’s just another leg lower. If we break above the $90 level, then it’s likely that we could go much higher. At that point, the market could go looking to the $100 level and it’s also possible that we could see a complete trend change in that scenario. The market then could go all the way back to the highs, and I think a lot of pundits are expecting that, but we also have to worry about the global demand being soft.

For a look at all of today’s economic events, check out our economic calendar.