Crude Oil Weekly Price Forecast – Crude Oil Markets Trying to Find a Bottom

Crude Oil Prices Forecast Video for 19.06.23

WTI Crude Oil (US) Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the course of the week, but then turned around to show signs of life again. By forming a bit of a hammer, it does suggest that we are going to continue to see a bit of a bottom trying to be formed, but if we do break down below the hammer, it could open up a move down to the $65 level.

At this point, it’s very likely that we are in the midst of a summer range, meaning that the market really doesn’t have anywhere to be. If we were to break above the previous weekly candlestick, then it opens up the possibility of a 50-Week EMA test. In general, I don’t think we’re going anywhere anytime soon, although supply remained somewhat constrained, but at the same time traders worry about whether or not the global economy will actually demand crude oil.

Brent Crude Oil (UK) Weekly Technical Analysis

Brent continues to see downward pressure overall as well, but this past week has turned around to show signs of life. Ultimately, the 200-Week EMA sits just above, and that will probably cause quite a bit of resistance. If we were to break above that, then it opens up the possibility of a move to the 50-Week EMA. The $70 level underneath offers a significant amount of support, and if we were to break down below there, then it’s likely that we could go down to the $65 level.

All things being equal, this is a market that I think continues to see a lot of choppy behavior, and therefore I think you’ve got a situation where you have to think more or less a sideways market. Ultimately, this is a situation where I think it’s more or less better to trade in a range bound manner from short-term chart.

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