Crude Oil Weekly Price Forecast – Crude Oil Markets Get Hammered for the Week

Crude Oil Prices Forecast Video for 09.10.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gotten hammered during the course of the week, as we are now testing the 50-Week EMA. That being said, I do think that this market eventually offers value, as we are now approaching previous resistance. Nonetheless, there are a lot of concerns about whether or not there is going to be enough demand out there to push the markets higher, and with that in mind I think this is a market that is going to be very noisy, but I do think that it’s oversold. Having said that, you probably have to look at this through the prism of short-term trading more than anything else.

If we were to break down below the 50-Week EMA, then the $80 level will more likely than not be targeted, possibly even the $75 level. That being said, we are also testing the top of a previous pennant, which means that there’s a lot of noise in that area as well.

Brent Crude Oil Weekly Technical Analysis

Brent markets have collapsed as well, testing the 50-Week EMA, with the bullish pennant being tested here as well. The size of the candlestick typically has a bit of follow-through, but at this point in time, it’s probably only a matter of time before the buyers come back in and pick this up. In other words, I think you get an opportunity to pick up a little bit of value, but you probably need to look at it through the prism of a shorter-term chart, in order to find tune your entry. If we were to break down below the bottom of the candlestick, we could go looking toward the $80 level, perhaps even the 200-Week EMA underneath.

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