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

Crude Oil Prices Forecast Video for 23.10.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen a bit during the course of the week, but then turned around to show signs of life again. By doing so, the market is likely to continue to see a lot of noisy behavior, with the $90 level offering a short-term barrier. If we can break above there, then the market is likely to go looking to the $95 level after that. A break above that level then opens up the $100 level, an area that a lot of people are looking into.

It’s worth noting that the previous candlestick was a hammer, so it does suggest that perhaps we have a lot of support, especially as that hammer formed right at the 50-Week EMA. If we were to break down below the hammer, that would obviously be a very negative turn of events, as we slice through the $80 level. All things being equal, it’s a very noisy market right now, but with all of the geopolitical events, it’s likely to send this market higher.

Brent Crude Oil Weekly Technical Analysis

Brent markets have also pulled back just a bit during the trading week, as the $90 level offers psychological and structural support. If we break down below the bottom of the candlestick, then it’s likely that we could drop down to the $87 level. If we can break above the $95 level, then Brent almost certainly will go looking to the $100 level, which of course is a major barrier that a lot of people would pay close attention to. If we break above there, then Brent really starts to take off to the upside. Regardless, I think you have a situation where there is a lot of noisy and choppy behavior.

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