Crude Oil Weekly Price Forecast – Crude Oil Markets Give Up Early Gains for the Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has initially rallied during the course of the trading week, to break above the $100 level. That being said, we have pulled back from there to show signs of exhaustion. The 50 Week EMA is an area where a lot of people pay close attention and did offer a little bit of dynamic support. On the other hand, if we do break down below the previous weekly candlestick, then I think this market drops to the $80 level. One thing is for sure, oil looks shaky to say the least, so it’s going to be difficult for the market to go on a huge bull run.

Crude Oil Prices Forecast Video for the Week of 25.07.22

Brent Crude Oil Weekly Technical Analysis

Brent markets also look quite shaky, and therefore it’s likely that we will continue to see noisy behavior. It’s worth noting that the previous uptrend line has been tested and held as resistance, so at this point, it’s likely that we will see quite a bit of back-and-forth. If we break down below the $95 level, it’s likely that we could see this market fall apart. On the other hand, if we can break above the $110 level, it’s possible that we could go higher. In that scenario, the market could go as high as $120, but I think that’s going to take quite a bit of work.

Pay attention to the shorter-term charts, because quite frankly I think this continues to be a lot of noisy behavior, so therefore you need to be cautious with your position size more than anything else. In fact, this is a market that will continue to be difficult.

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