Crude Oil Weekly Price Forecast – Crude Oil Continues to See Support

Crude Oil Prices Forecast Video for 22-01-2024

WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market has initially pulled back just a bit during the trading week only to turn around and show signs of life. By doing so, it looks like we are going to form a hammer for the week in not only this grade but the Brent grade as well, and it suggests that we are going to continue to see the 200 week EMA offer a little bit of a magnet for price.

The $75 level above is an area that I think continues to cause some headaches, but if we can get above there, then we can start to look towards the 50 week EMA. Otherwise, we’ll just continue this base building process where we buy the dips.

Brent Crude Oil Technical Analysis

Over in the Brent market, very much the same idea here as we continue to dip. The 200-week EMA offers a little bit of a magnet for price but the $80.50 level above offers a bit of a barrier. If we can clear that, then the 50-week EMA will be targeted. Buying on the dip, I think, is going to continue to be the story for trading oil but there are a lot of moving pieces, look at how far oil has pulled back from the highs.

I think it makes sense that value hunters continue to return to this market going forward. Continue to pay attention to the size of your positions, as this market continues to see a lot of noise at the moment, and is simply waiting for the next catalyst to send this market higher over the longer term going forward.

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