Crude Oil Weekly Price Forecast – Crude Oil Plunges

Crude Oil Prices Forecast Video for 13.11.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has fallen rather significantly during the course of the week, as we have fallen as far as the $75 level before bouncing a bit to the upside. Ultimately, the 200-Week EMA sits right around that same area as well, so it offers a significant amount of support. By bouncing the way, we have, it does suggest that we could see the market turning around a bit, perhaps trying to reach toward the 50-Week EMA above, and therefore it’s likely that we will see a lot of resistance.

The market has been very noisy over the last week but will have to wait and see whether or not we will continue to see buyers underneath. All things being equal, if we turn around and break above the top of the candlestick for the week, then the market could go looking to the $90 level.

Brent Crude Oil Weekly Technical Analysis

Brent markets have also fallen during the course of the week to test the 200-Week EMA. The $80 level is an area that has attracted a lot of attention as you would expect, therefore I think you got a situation where you probably continue to look at this through the prism of trying to fight a bit of value. We don’t necessarily have that signal quite yet, but this is an area where I would anticipate seeing a lot of buying pressure and perhaps support, so I do anticipate that the market may turn around a bit after this strong pullback. If it does not, then the market could go down to the $75 level underneath, which is a significant support level.

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