Crude Oil Weekly Price Forecast – Crude Oil Markets Have Choppy Week

Crude Oil Prices Forecast Video for 16.10.23

WTI Crude Oil (US) Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, as it looks like we are trying to stabilize after selling off so rapidly during the previous week. Furthermore, it’s worth noting that the 50-Week EMA underneath has offered support, not only during this past week, but during the previous week when the market had plunged. Furthermore, there’s a certain amount of “market memory” near the $80 level, so I think it all ties together quite nicely for a potential bounce. It doesn’t necessarily mean that it happens right away, and clearly there are a lot of people out there concerned about the massive selloff that we had seen a couple of weeks ago.

However, the market is likely to continue to see a lot of noisy behavior, and therefore longer term traders will probably have to grit their teeth and just simply hang on. I have no interest in shorting crude oil, despite the fact that there is probably a big recession coming. After all, the physical supply continues to be very tight.

Brent Crude Oil Weekly (UK) Technical Analysis

The Brent market has had a slightly bullish candlestick form for the week, testing the 50-Week EMA, and is hanging around in the middle of the previous massive red candlestick. If we turn around and show signs of life from here, then we could very well go looking toward the $95 level above. If we can break that, then it opens up the door to oil going to the $100 level.

Underneath, if we were to break down below the $80 level, then we are going to be testing the 200-Week EMA underneath, which is a major indicator of trend. That being said, the market continues to see a lot of noisy behavior, and therefore you need to be cautious with your position sizing. This makes quite a bit of sense considering that there are so many factors going on right now, not the least of which would be the geopolitical concerns coming out of the Middle East now that we have a new hot war.

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