Crude Oil Weekly Price Forecast – Crude Oil Markets Get Slammed

Christopher Lewis
Published: Feb 3, 2023, 18:16 UTC

Crude oil markets have fallen rather hard during the trading week, breaking back down after a couple of very quiet weeks.

Crude oil, FX Empire

In this article:

Crude Oil Prices Forecast Video for 06.02.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has broken down significantly during the course of the week, testing the $75 level, and perhaps just as importantly, the uptrend line from the previous triangle. The 200-Week EMA underneath also offer support, that might be where we go given enough time. As things stand right now, it looks more or less like we are going to go back and forth in a consolidation range until we can break out in one direction or the other.

There are concerns about the overall demand for crude oil, due to the fact that the world economy is slowing down. I think you will continue to see that being the case, so it’s difficult to imagine that energy is suddenly going to take off to the upside.

Brent Crude Oil Weekly Technical Analysis

Brent markets have fallen hard during the course of the week, after having a couple of very quiet ones. At this point, it looks like we could go look into the 200-Week EMA near the $77.19 area. The market has been very noisy as of late, as we continue to try to figure out whether or not the market is going to get hammered due to the idea that there is a lack of global growth and demand, or if it finally bottoms and turns back around. I doubt that we have a lot of major momentum underneath, but at this point in time anything is possible nonetheless, it certainly looks as if the sellers are still very aggressive so you should keep that in mind. The market breaking down below the 200-Week EMA would be very negative.

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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.

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