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

By:
Christopher Lewis
Published: Nov 3, 2023, 17:50 UTC

Crude oil markets have fallen during the course of the week, reaching the 50-Week EMA in both grades of crude oil that I follow.

Crude oil, FX Empire

In this article:

Crude Oil Prices Forecast Video for 06.11.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market fell rather significantly during the course of the trading week, to reach out to the 50-Week EMA. The 50-Week EMA is an indicator that a lot of people will be paying attention to, and we are near the $81 level, an area that is significant support that extends down to the $80 level.

Crude oil has been pulling back for a minute now, and it does suggest that we are trying to find value underneath. If we can turn around and take out the $82.50 level, then the market is likely to go higher, perhaps reaching the $90 level after that. If we do break down below the $80 level, it opens up a move down to the 200-Week EMA near the $75 level.

Brent Crude Oil Weekly Technical Analysis

Brent also fell during the course of the week, as we are threatening the $85 level, and of course the 50-Week EMA indicator right there as well. If we were to break down below there, then it opens up a move to the $83 level, and then after that it opens up the trap door to much lower prices, perhaps reaching down to the 200-Week EMA.

On the other hand, if we were to turn around and show signs of strength again, then I think the market could go look into the $90 level, and if the conflict in the Middle East gets worse than we have seen, that certainly would be like rocket fuel for this market. At this point, I think we’ve got a situation where you are just hanging around and trying to sort out where we are going next in a market that is trying to carve out its next trading range.

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

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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