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

Crude Oil Prices Forecast Video for 02.01.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be somewhat sluggish during the trading week, as we are below the $80 level and facing a little bit of resistance. We had balanced over the last couple of weeks from the 200-Week EMA indicator in the $70 region, so it does make a certain amount of sense that we will run out of momentum eventually.

If we do rally, then I think somewhere around $85 you’re going to run into a world of hurt. Keep in mind that there are a lot of questions about global demand going forward, so that’s going to weigh upon the market as well. I am much more comfortable fading signs of exhaustion than anything else right now.

Brent Crude Oil Weekly Technical Analysis

Brent markets were also sluggish during the week, initially falling but then turning around to recover some of the losses. We are hanging around the $85 level, which is a psychological barrier, but I don’t think much more than that. If we do get a little bit of follow-through to the upside, the $90 level will be the next major barrier to deal with, as the 50-Week EMA comes into the picture.

On the first signs of exhaustion, I am more than willing to start selling this market again, because quite frankly global demand is going to be the only thing that people are worried about at the moment. However, it is worth noting that we are in a somewhat oversold condition so if that is something that you need to be cognizant of as well. That might offer the next shorting opportunity. Be cautious with your position size, but once we get for the jobs number we should have somewhat normal trading.

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