Crude Oil Weekly Price Forecast – Crude Oil Markets Slam Into 50-week EMA

Crude Oil Prices Forecast Video for 17.04.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market continued to see buyers during the week, as it looks like we are threatening to break above the 50-Week EMA for a sustained move toward the $90 level. This is on the back of that 1.6 billion barrels per day cut by OPEC, which we have yet to fill the gap from. Because of this, I do think there is the possibility that we pull back to fill that gap, but I don’t necessarily think that it is going to be the beginning of some type of major selloff. Ultimately, that probably offers a buying opportunity, as it would present a certain amount of value in a market that is completely volatile at this point.

Brent Crude Oil Weekly Technical Analysis

Brent markets also tested the 50-Week EMA, but also have to deal with the $90 level above, an area that you would have to believe offers a significant amount of psychological resistance. With that being said, I think this is going to continue to be a scenario where the markets try to figure out where the economy is going, and of course where demand is going. The supply issue of course is going to be a continued scenario as well, so this sets up for a market full of headaches and volatility. Keep your position size reasonable, because quite frankly I think the volatility is going to get worse, not much better. With that being the case, it will be an extremely dangerous market, because there are so many moving narratives at the moment that is difficult to understand which one might be true. You will have to be nimble.

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