Crude Oil Weekly Price Forecast – Crude Oil Markets Have a Tough Week

Crude Oil Prices Forecast Video for 21.08.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market fell significantly during the trading week, to touch the 50-Day EMA near the $80 level. That being said, the market looks as if it is turning around to show signs of life, therefore I think we have to pay close attention to the market to see whether or not we can rally from here. The $85 level above is a barrier that’s going to be difficult to break above, but once we do, then it’s likely that we could go look into the $90 level.

On the other hand, if the market were to break down below the bottom of the candlestick, and by extension the $80 level, then it’s possible that crude oil could drop down to the $75 level. The $75 level of course is an area that will be very well supported based upon historical actions.

Brent Crude Oil Weekly Technical Analysis

Brent markets have looked a little negative during the trading week, as it looks like we are testing the 50-Week EMA, and the $83.50 level. If we break down below there, then it’s likely that the market could go down to the $80 level. The $80 level of course is a large, round, psychologically significant figure, and an area where the buyers could return to this market. The 200-Week EMA comes into the picture right around $78, therefore it’s likely that we could see that as a bit of a “floor in the market.

All things being equal, this is a market that is trying to sort itself out and try to break out to the upside for a longer-term move. If we clear the $90 level, then it’s likely that we could go to the $100 level, but at this point we have to determine whether or not we are going sideways in consolidation, or if we are building some type of basing pattern. All things being equal, we should know the answer to that question in the next couple of weeks, but right now it looks like we may not be ready to take off to the upside despite the fact that Saudi Arabia has taken 1 million barrels of production per day out of the supply chain.

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