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

Christopher Lewis
Published: Mar 31, 2023, 16:26 UTC

Crude oil markets have rallied during the trading week to dig back into the previous consolidation area.

Crude oil, FX Empire

In this article:

Crude Oil Prices Forecast Video for 03.04.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied rather significantly during the trading week to break back above the 200-Week EMA. Ultimately, the market reached the $75 level, which is right in the middle of a huge consolidation area. The market breaking above there then opens up the possibility of a move to the 50-Week EMA. It’s sitting at the $82.50 level and dropping. The market is showing significant resistance at the top of the overall consolidation region. The market breaking above that would be a very bullish sign, but right now it seems as if there is a lot of work to do before we can even have that conversation.

Keep in mind that the economic situation around the world is still questionable at best, so therefore you need to pay close attention to whether or not the economy is going to take off. After all, oil is the “lifeblood” of the global economy, and therefore you need to see movement of goods and services to demand crude oil. As it looks like we are slowing down, I do believe it’s only a matter of time before we form exhaustion that we can start shorting.

Brent Crude Oil Weekly Technical Analysis

Brent markets also rallied during the trading week to break back above the 200-Week EMA, showing signs of life. If we can continue the upward momentum, it’s possible that we could go to the previous uptrend line, coinciding with the top of the big wipeout candle from a couple of weeks ago, meaning the $83 level. If we break above there, we could go look into the 50-Week EMA, which is the top of the overall previous range.

The market breaking down below the bottom of the candlestick from the previous week breaks through the $70 level, opening up a move down to the $60 level. That doesn’t seem likely though, but I do think that we eventually see exhaustion for more of a lower grind and send this market into a bit of a funk. If we break above the $90 level, then I would assume that the trend has changed, and that we go much higher over the longer-term.

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?