Crude Oil Weekly Price Forecast – Crude Oil Markets Give Up Early Gains

Crude Oil Prices Forecast Video for 19.12.22

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the week but gave back gains in order to form an inverted hammer. We are sitting right on the 200-Day EMA, and the fact that we gave up all of this gain is not a very good look. If we were to break down below the bottom of the candlestick, that could open up a rush of new selling, perhaps ending this market down to the $65 level.

On the other hand, if we can turn around and take out the highs of the last couple of weeks, it’s likely that we could go looking to the 50-Week EMA above at the $88 level. That’s an area that I think could offer a significant amount of dynamic resistance.

Brent Crude Oil Weekly Technical Analysis

Brent markets have rallied significantly during the course of the week to break above the $80 level, but then turned around to form a bit of an inverted hammer. We are sitting right on top of the 200-Week EMA, just as we are in the WTI market. If we break down below the lows of the last couple of candlesticks, that opens up an attack on the $70 level. Ultimately, this is a situation where we are trying to find some type of floor, but we are a long way from turning things around. In this market, we would probably have to take out the $90 level in order to go higher for a longer-term move. A lack of global demand is really starting to price this asset much lower.

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