Crude Oil Weekly Price Forecast – Crude Oil Markets Find Support

Crude Oil Prices Forecast Video for 05.06.23

WTI Crude Oil (US) Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the trading week, but Thursday and Friday were both very bullish, allowing the weekly candlestick to form a bit of a hammer. By forming the hammer, it suggests that the market is ready to continue to find buyers, but I think at this point we need to clear the previous weekly candlestick in order to send this market toward the 50-Week EMA, closer to the $80 level.

On the other hand, if we were to break down below the bottom of the candlestick, then it suggests that crude oil could drop down toward the $65 level. In general, I think we are in the midst of a summer range, and therefore people will be looking at it through the prism of possibly trading back and forth. However, if we break out of this range, then it’s obvious that we could see a bigger move.

Brent Crude Oil (UK) Weekly Technical Analysis

Brent markets also fell during the course of the trading week, only to turn around and show signs of life again. By doing so, the market looks as if it is trying to find its footing, and if we can break above the previous weekly candlestick, I think at that point in time, we have the possibility of rallying toward the 50-Week EMA, closer to the $85 level. Underneath, the $70 level is a major support level, and if we were to break down below there, then I think the Brent market will fall apart.

Ultimately, I think you need to look at this through the prism of whether or not global demand or a tight supply is what traders are focusing on. For longer-term traders, smaller positions will be necessary, as you can expect a lot of volatility through the summer season.

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