Crude Oil Weekly Price Forecast – Crude Oil Markets Bounce Ever So Slightly

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has bounced a bit during the course of the week, to break above the 50 Week EMA, but turned around to show signs of exhaustion again. Ultimately, this is a market that I think will continue to be very noisy, but it certainly looks as if we are near an area that could open up quite a bit of selling. If we break out below the lows of the past couple of weeks, that could open up a flush down to the $80 level.

Alternately, if we break above the $95 level, we may have a short-term move to the $100 level, but that seems to be more or less going to be an opportunity to start shorting again because we have clearly seen a lot of concern when it comes to the idea of growth. That has not changed; therefore, I still look at the market through that scenario.

Crude Oil Prices Forecast Video for the Week of 15.08.22

Brent Crude Oil Weekly Technical Analysis

Brent markets also have rallied a bit during the course of the trading week, testing the $100 level, but gave back gains to show signs of exhaustion. If we break down below the lows of the last couple of weeks, that opens up a move down to the $90 level, and then possibly a move down to the $80 level.

On the upside, the $104 level above could offer a bit of resistance, so we can break above there, it would obviously be a very bullish side. I think if we do rally from here, it will more likely than not end up being a selling opportunity.

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