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

Christopher Lewis
Published: Apr 19, 2024, 15:17 GMT+00:00

Crude oil continues to see a lot of noise, as this past week has shown itself to be more of the same in the oil markets.

In this article:

WTI Crude Oil Weekly Technical Analysis

It’s worth noting that WTI crude oil has had a slightly negative week as we continue to bounce around overall. That being said, it’s a market that had rallied quite a bit, so a little bit of a pullback here in the West Texas Intermediate crude oil market makes a certain amount of sense.

With that being the case, I am paying close attention to the $80 level for support, not only due to the fact that it is a large round number, but it is also where we have seen the 50 week EMA come into the picture as well. So, with that, I do anticipate that there is a buy on the dip mentality, especially with supply issues and all of the tension in the Middle East. Speaking of the Middle East, it caused absolute chaos on Friday, and the Friday candlestick has been a huge part of what we’ve seen.

Brent Crude Oil Weekly Technical Analysis

Brent markets are very much the same right now. They are looking at the $84.50 level as support with a 50 week EMA offering support in that area. Also, with that being the case, you have to look at this through the prism of finding value.

And I think it’s probably only a matter of time before buyers come in. Both of these markets definitely have an overhang of resistance, but at this point, I do think it’s probably only a matter of time before people start to look at oil through the prism of whether or not there’s enough supply. The driving season, which of course, is cyclically bullish, and with all the geopolitical concerns in the Middle East, I think that also puts upward pressure on oil.

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

About the Author

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.

Did you find this article useful?