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

Crude Oil Prices Forecast Video for 09.01.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has fallen hard during the course of the week, touching the 200-Week EMA. It’s also threatening the support level right around the $70 level that has been important more than once, so therefore if we do break down below all of that, then we could probably go down to the $65 level. On the other hand, if we turn around and reach toward the $80 level, there should be a significant amount of resistance. Anything above there on a weekly close is probably going to be a very bullish sign, perhaps opening up another $10. However, global demand continues to suffer, and that is going to continue to be priced into this market.

Brent Crude Oil Weekly Technical Analysis

Brent markets also fell significantly during the trading week to reach the 200-Week EMA. The market looks as if it is trying to figure out where we are going next, and it’s worth noting that if we can break down below the 200-Week EMA, the market could go down to the $70 level. On the other hand, if we turn around and bounce, the $86 level is a significant amount of resistance. Breaking above there is an opportunity to get to the 50-Week EMA, currently at the $91.24 level.

Ultimately, this is a market that continues to be very noisy as we are stuck between 2 major moving averages, but as the world worries about the overall global slowdown, it does tend to be bearish for crude oil, and that’s not going to change anytime soon, especially Brent as it is more of a global market than the WTI grade is.

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