Crude Oil Weekly Price Forecast – Crude Oil Markets Show Choppy Week
Crude Oil Prices Forecast Video for 27.03.23
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the week as we continue to see a lot of noisy behavior. Keep in mind that the previous week had been a very negative candlestick, and it does suggest that we are going to continue to see negativity in the market. Furthermore, if you look at the daily chart, you can make a case for a bearish flag.
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If we break down below the bottom of the weekly candlestick, then I think it opens up the possibility of a move down to the $65 level. After that, then we could see a move down to the $60 level. Regardless, any type of rally at this point in time more likely than not will offer some type of shorting opportunity, with the $80 level offering a bit of a psychological barrier, and it’s not until we break above there that you can make an argument for it going higher.
Brent Crude Oil Weekly Technical Analysis
Brent markets have gone back and forth during the trading week as well, touching the 200-Week EMA, which sits at roughly $77.45 level. The $80 level above there also offers resistance, and you can see that there is a huge area that has been very noisy in the past as we were squeezing between the 50-Week EMA and the 200-Week EMA.
If we break down below the bottom of the weekly candlestick, it opens up a move down below the $70 level, perhaps sending Brent down to the $60 level after that. Regardless, I think you are going to see a lot of negative behavior as we continue to see a lot of concerns about the global economy.
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