Crude Weekly Price Forecast – Crude Oil Continues to Look Soft

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Published: Aug 2, 2024, 18:29 GMT+00:00

The crude oil markets have fallen again this week, as we continue to see a lot of concerns when it comes down to the overall global economy.

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market initially tried to rally but gave back gains and we have now gotten absolutely hammered. We have broken outside of the symmetrical triangle that I had been watching, so that is clearly something that is no longer important in this market. That being said, the market, I believe, still has a lot of support underneath. And when you look at the weekly chart, although it is very negative, the reality is there’s a lot of work to actually break the overall supportive region.

If we were to break down below the $70 level, then it’s possible that we could or sell. It’ll be interesting to see how this behaves. I think we are still very much in the range. And with that being the case, it just looks like we’re going to spend the rest of the summer just bouncing around. Now where the actual bottom of the range is, I believe is probably closer to the $67.50 level. The market I think probably sees a lot of resistance at the $90 level. So, when you look at this, it’s just the same as last year.

Brent Crude Oil Weekly Technical Analysis

The same thing has happened in the Brent market. That’s not a huge surprise. I look at the 7250 level as potential support in the Brent market as it is important. I also believe that somewhere near the $92.50 level is the absolute top in the market. When you look at last year, it looks very much like this year. We’re just going back and forth in this same range. And with this, I think sooner or later you will see a bounce, but I wouldn’t get aggressive at this point in time.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.