Advertisement
Advertisement

Crude Oil Weekly Price Forecast – Crude Oil Markets Recover for the Week

By:
Christopher Lewis
Published: May 13, 2022, 16:16 UTC

Crude oil markets have gotten slammed during the trading week to reach the bottom of the triangle, only to turn around and show signs of life as we are closing towards the top of the same triangle.

Crude Oil Weekly Price Forecast – Crude Oil Markets Recover for the Week

In this article:

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gotten absolutely crushed to kick off the trading week but then turned around to show signs of life. By doing so, the market has shown just how supportive it is, and if we can continue to break above the top of the triangle, then it is likely that we could go to the $120 level. Short-term pullbacks look like they are going to continue to be bought into, and the $100 level looks very much like a support level as well. That being said, if it simply breaks above the top of the downtrend line, then I think more money will come into the picture.

Crude Oil Prices Forecast Video 16.05.22

Brent Crude Oil Weekly Technical Analysis

Brent markets have pulled back during the course of the week as well, testing the $100 level and perhaps more importantly, the uptrend line. The market has turned the whole thing around to show signs of life and now it looks like we are trying to reach the top of the triangle. As we are closing near there, a break above the top of this week’s candlestick could send the market to the $120 level, possibly the $125 level after that.

Alternately, if this market was to break down below the weekly candlestick that we just printed, then it would be negative for both of these grades as Brent would more likely than not attract the whole thing down. If that happens, then you are looking at the $90 level rather quickly. Ultimately, short-term traders will more likely than not continue to buy on dips.

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.

Did you find this article useful?

Advertisement