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Crude Oil Weekly Price Forecast – Crude Oil Markets Bounce From Support

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WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, as we continue to see a lot of concerns and questions about potential demand disruption. After all, there has been a shutdown that has done nothing for supply, but when the markets reopened, we saw an initial surge in demand. The question now is whether or not we are going to continue to see that same demand. After all, we are starting to worry about a recession, that will have a huge negative influence.

The 50 Week EMA is offering support, just above the $90 level, so it is interesting to see that we have bounced quite significantly from there. In other words, I think this continues to be very noisy, but if we were to take prices above the top of the candle for this week, that would be a very bullish sign.

Crude Oil Prices Forecast Video for the Week of 18.07.22

Brent Crude Oil Weekly Technical Analysis

Brent markets have also fallen rather significantly to reach down to the $95 level, which is also the 50 Weekly EMA. At this point, the market looks as if it is trying to hang onto that, but if we were to break down through the bottom of the candlestick for this week, it’s possible that we could take out the $90 level and go much lower. At that point, then we have the $80 level underneath offering significant potential support as well. Regardless, this is a market that I think continues to see a lot of back-and-forth and therefore you need to be cautious with your position size. If we break down below the lows of this week, then we switch to a negative trend of longer term.

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This article was originally posted on FX Empire

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