Crude Oil Weekly Price Forecast – Crude Oil Markets Looking to Bounce

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the week to show signs of exhaustion to the downside, so the question now is whether or not we can rally to show signs of life. If we turn around and break above the $90 level, it’s possible that we could reach the $100 level. The crude oil market has to worry about the demand due to the fact that we are heading into a global recession, so therefore it’s interesting to see how this market will behave.

If we do break above the $100 level, that could be a huge move in favor of the oil market, possibly opening up the possibility of a move to the $120 level. On the other hand, if we break down below the $80 level, we are more likely than not ready to go down to the $72 level.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have formed a bit of a support-looking candle, but I believe is more likely than not ready to go down to the $85 level. The $85 level could be a short-term floor, but if we break down below there, then it’s likely that we could go down to the $80 level. After that, we have the 200-Week EMA, but at this point, I think we need to pay attention to global growth, and at this point I think we are probably more likely to see people fading rallies than buying, but if Brent breaks above the $105 level, then it’s possible that the market could go looking to the $125 level.

Crude Oil Prices Forecast Video for the Week of 12.09.22

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