Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Kill TimeCrude oil markets have rallied a bit during the week but continue to struggle with the overall idea of breaking out.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied during the week, reaching towards the 50 week EMA. Having said that, the market is likely to find a little bit of resistance in the short term, but I do think it is only a matter of time before we have to make a bigger move. The market breaking above the highs of the week could be a very bullish sign and send the WTI market towards the $49 level where we had seen a lot of selling. On the other hand, if we do pull back from here, I think it is only a matter of time before buyers would jump in, perhaps near the $35 level.
WTI Oil Video 17.08.20
Brent markets also tried to rally during the week but gave back some of the gains. It formed the candlestick that was somewhat like a shooting star, right at the top of the gap the previously had formed. If we can break above the previous week, then it is likely that we could go looking towards the $50 level. To the downside, I believe that the $45 level should offer support, but quite frankly I do not think that this is a market that can be traded from a longer-term standpoint quite yet, as we are simply too tight at the moment. The falling US dollar and OPEC production cuts continue to boost oil markets in general, but lack of demand is a major problem. Adding to all of this is the fact that we are at the height of vacation season so there may be a lack of momentum.
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