Crude Oil Weekly Price Forecast – Crude Oil Markets Have a Choppy Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the past trading week, showing signs of hesitation. Currently, the $90 level sitting just above is offering resistance, just as the $80 level sitting below is offering support. I do think that we have a lot of back-and-forth ready to happen, but that is probably better traded on the daily chart.

If we can break above the 50-Week EMA, then it’s likely that the market could go to the $100 level. On the other hand, if we were to drop below the $80 level, that will open up fresh selling in this market.

Brent Crude Oil Weekly Technical Analysis

The Brent market has gone back and forth during the course of the trading week, as we continue to look at the $90 level as support. Whether or not we hang on here is a completely different question, but there is a major concern when it comes to risk appetite and of course global demand. Keep in mind that the market will continue to be very noisy, as we see a lot of volatility and questions as to supply and demand going forward. The strengthening US dollar has worked against the value of oil as well, so keep that in mind also.

I suspect that we will continue to see a lot of noisy behavior, and therefore a lot of difficulties trading this market from a longer-term standpoint. However, one thing I think that you need to keep in mind is that the volatility demands that you keep your position size reasonable, because I expect to see more noise than anything else.

Crude Oil Prices Forecast Video for the Week of 19.09.22

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