Crude Oil Weekly Price Forecast – Crude Oil Markets Plunge

Crude Oil Prices Forecast Video for 05-02-2024

WTI Crude Oil Weekly Technical Analysis

You can see the crude oil market has shown itself to be rather negative during the week, but really when you look at this, it’s hard not to notice that this is the market that is defending the area just below quite aggressively. So for example, you see the support level right here at about 68, so I think it continues to be what most people watch. I have to add that support does go a little bit below there to 65, so I think at this point in time it’s probably only a matter of time before the buyers come back to pick up a little bit of value.

There might be some concerns that the Federal Reserve is not going to loosen as quickly as people thought, and therefore, it could affect some growth, but really, at the end of the day, there are enough geopolitical issues in the Middle East alone to cause at least some bullish pressure, if not a spike. For these reasons, I think it becomes a value trade more than anything else down at these levels.

I am simply going to wait for a bounce to start buying again, and then I will take profit after a day or two. This is probably the pattern we will find ourselves in for some time, and therefore we can take advantage of a rangebound set up quite easily in this environment. At this point, there are many more risks to the upside than down, especially with all of the issues in the Middle East at the moment.

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