Crude Oil Weekly Price Forecast – Crude Oil Markets Have Significant Bounce During The Week

Crude Oil Prices Forecast Video for 08-01-2024

WTI Crude Oil Weekly Technical Analysis

As you can see, crude oil initially fell during the week, but has turned around to show signs of life again. We’re currently bouncing around the 200-week EMA in the West Texas Intermediate grade of crude oil and dancing around just below the $75 level. That being said, the market also is looking at this through the prism of bouncing from a major support level underneath at $68. With that being said, I think we are in a rather tight consolidation area of about five or six dollars.

But if we can break above the $76 level, that should free up quite a bit of momentum. Central banks around the world look to be loosening monetary policy, that could help oil as well. Nonetheless, I think we have a lot of volatility ahead, and therefore you need to be cautious with your position sizing as this market does tend to be volatile regardless. Longer-term traders will continue to look for some type of breakout in order to get involved, or pullbacks in order to build up an investment, not necessarily a short-term trade.

Brent Crude Oil Technical Analysis

Brent markets did very much the same thing. We pulled back a bit during the week, only to turn around and form a bit of a hammer. At this point, we’re testing the 200-week EMA as well, and I think the $80.50 level above is your resistance with $72 underneath being massive support. Same situation over here. We have a scenario where people are looking at the possibility of demand picking up due to central bank liquidity measures.

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