Crude Oil Weekly Price Forecast – Crude Oil Markets Form a Hammer

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the course of the week but then turned around to show signs of life. By forming a hammer, it does suggest that we are going to see a little bit of support at the $90 level, which has been relatively reliable support. If we break above the top of the candlestick, then we probably get a bounce to the $100 level. However, if we break down below the bottom of the candlestick, then it’s very likely that we drop to the $80 level, an area that of course would attract a lot of attention.

Crude Oil Prices Forecast Video for 22.08.22

Brent Crude Oil Technical Analysis

Brent markets have fallen a bit during the course of the trading week but seemed to have stabilized a bit in order to form a bit of a hammer. The hammer sitting right at the 50-week EMA of course is a bullish sign, so I think it’s probably only a matter of time before we get a little bit of a bounce. That bounce could lead this market toward the $104 level, an area that has been resistance previously. Alternately, we turn around and break down below the $90 level, it opens up quite a bit of selling pressure for the Brent market, as it probably since his market looking to the $80 level.

There are a lot of concerns when it comes to global demand, as it looks like we are heading into a global slowdown, and at the same time, Iran could jump into the market as well. That being said, I think the rally is short-lived at best.

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