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

Crude Oil Prices Forecast Video for 24.04.23

WTI Crude Oil (US) Weekly Technical Analysis

The West Texas Intermediate Crude Oil market fell hard during the course of the week, as we have seen a lot of noisy behavior, and therefore it’s worth noting that the market will continue to see a lot of choppiness going forward. However, it’s probably worth noting that the 50-Week EMA has offered a significant amount of resistance, and it is of course an indicator that a lot of people will be paying close attention to.

However, if we were to turn around and break above the top of the candlestick, then it opens up the possibility of a move to the $90 level. Alternatively, if we turn around and break down below the gap completely, we could send this market down to the 200-Week EMA near the $73.32 level.

Brent Crude Oil (UK) Weekly Technical Analysis

Brent markets have fallen rather hard during the course of the week as well, and just like in the WTI market, we have seen an attempt to close the gap. That being said, the market is currently between the 50-Week EMA and the 200-Week EMA indicators, which typically means that there is a lot of interest. All things being equal, this is a market that should make a significant move sooner or later, but in the meantime, we may see a lot of choppiness and indecision. With this being the case, it’s very likely that we will see more noise than anything else. There are a lot of questions out there about whether or not there is going to be enough demand, and of course if the economy is slowing down, that could have a major problem.

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