Crude Oil Weekly Price Forecast – Crude Oil Markets Pull Back

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the week but continue to find sellers just above. Furthermore though, you should pay attention to the fact that the lows are getting higher, albeit slightly. When you look at this chart you can clearly see that the market has been grinding slightly higher over the last couple of months, and longer-term traders have been left out in the cold. I think that continues to be the case until we get some type of impulsive candlestick. On a weekly close above the 50 week EMA, and perhaps with some type of length to the real body, I believe that the market goes looking towards the $49 level. On the other hand, if we were to close below the $40 level on a weekly chart, then we will probably fall towards the $35 level.

WTI Oil Video 24.08.20

Brent

Brent markets also fell, as we continue to find resistance at the previous Top. With that being the case, we are closing towards the bottom of the candlestick and that of course is a negative sign. Ultimately, the market looks as if it is going to go looking towards the $42.50 level, and if we can break down below there then the market could go to the $40 level, possibly even towards the $35 level. To the other side, if we can break above the highs of the weekly candlestick two weeks ago, then the market could go looking towards the $50 level. At this point, with a strengthening US dollar of the last 24 hours, this could lead into a little bit of a pullback.

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