Crude Oil Weekly Price Forecast – Crude Oil Markets Bounce From Support

Crude Oil Prices Forecast Video for 05.12.22

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has been very choppy to close out the week, but earlier during that timeframe, we have seen quite a bit of bullish behavior. With that being the case, the market is likely to continue to try to find buyers near the $76 level as it has been a significant support barrier, and of course we have the 200-Week EMA sitting just underneath. If we can break above the top the candlestick, then it would be very bullish and it could open up the possibility of an even bigger move.

Brent Crude Oil Weekly Technical Analysis

Brent markets continue to be very noisy, but I think we’ve got a situation where the markets are going to be worried about whether or not there’s going to be enough demand. After all, the global economy seems to be slowing down, so if we break down below the bottom of the candlestick for the week we could open up the Brent market down to the 200-Week EMA. On the other hand, if we turn around a break above the $90 level, that could be bullish enough to get the markets going higher, perhaps try to reach the $100 level.

A lot of this is going to come down to whether or not if the global outlook over demand picks up or not. We know that the supply is tight, but quite frankly if we  are going to some type of massive recession it really won’t matter. In this situation, it’s very likely that we have a situation where the markets are going to be weak at best.

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