Crude Oil Weekly Price Forecast – Crude Oil Markets Recover for the WeekCrude oil markets rallied quite nicely for the week, bouncing from a couple of bad ones. That being said, we still have not broken above resistance.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied quite nicely during the week, breaking above the $41.25 level. Having said that, there is still a significant amount of resistance just above at the $43 level that we have not cleared. Because of this, I think that we continue to see a lot of volatility, and therefore it is difficult to trade this market from a longer-term standpoint until we get some type of obvious move. The 50 week EMA offers technical resistance, so that of course is something worth paying attention to as well. Ultimately, I think this is a market that will probably find sellers just above.
WTI Oil Video 21.09.20
Brent markets have also rallied but are nowhere near the 50 week EMA so we still have a little bit more room to run in this market. Pay attention to the US dollar, because if it does start to rally a bit from here, it is likely that we will continue to see a lot of volatility near the 50 week EMA and roughly the $45 level. I think at this point in time it is only a matter of time before the sellers come in and punishing rallies but breaking above the 50 week EMA would of course be a very bullish sign that worth paying attention to. After that, we would see the $50 level being targeted. To the downside, the $40 level is an area where we would see support and breaking down below that should dump the markets much lower, perhaps reaching towards the $35 level rather rapidly.
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