Crude Oil Weekly Price Forecast – Crude Oil Markets Survive Rough Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken down significantly during the course of the week to dipped below the $60 level, only to turn around and save itself on Friday. That being said, this was the first “shot across the bow” when it comes to this market as it had been in such a major uptrend. I do think that we probably have more volatility coming, but as long as we do not break down below the bottom of this weekly candlestick, I think that it is probably more choppy action than anything else.

WTI Oil Video 22.03.21

Brent

Brent markets also broke down significantly during the course of the week to reach towards the $61 level. However, we have seen the market turned back around to show signs of life again on Friday, and we did hang on to a small uptrend line. That being said, I think that this is a market that will eventually find some type of resiliency, but if it does not then we could see a massive break of another five or six dollars. I think the one thing you can probably count on is a lot of noise in general, so you will have to be relatively resilient. One thing is for sure, the $70 level above continues to be a major barrier, so breaking above there would change a lot of things but for what it is worth the previous week ended up forming a “hanging man”, which is typically a negative sign. In other words, the next candlestick is going to determine the trend and therefore I would be very cautious and simply wait to see which side of this past weekly candlestick we break to start trading in that direction.

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