Crude Oil Weekly Price Forecast – Volatile Week Ends Somewhat Unchanged

WTI Crude Oil

West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, as we are hanging about the 50 week EMA. The candlestick is rather neutral, even though the body itself is slightly negative. That being said, I think that we are about to make a bigger move, and we have had a rather significant pullback. Because of this, I think there is probably more of the so-called “pain trade” to the upside, but I am not willing to disperse funds into the market quite yet. At this point, the next candlestick should give us a bit of a heads up as to where we are going next.

Crude Oil Video 06.12.21

Brent

Brent markets have gone back and forth during the course of the week as well, forming a massive “daddy long legs” type of candlestick. That tells me that we are a bit confused, so at this point in time I am simply waiting to see which direction we break in order to put money to work. Ultimately, this comes down to whether or not the markets are going to continue to price in the idea of recovery, and if they do I think we probably are just about done correcting. With that in mind, I think that the next week or two will be crucial, and if we break down below the bottom of this candlestick it could be a huge signal that we are going to fall apart as far as a risk appetite situation is concerned, probably seen across multiple marketplaces around the world.

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