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Crude Oil Weekly Price Forecast – Crude Oil Markets Print Red Candle

Christopher Lewis
·2 mins read

WTI Crude Oil

The West Texas Intermediate Crude Oil market fell during the course of the week but did recover slightly towards the weekend. At this point, the market looks as if the $40 level is creating a lot of interest in both directions, so therefore we are coiling up like a spring. Given enough time, I anticipate an impulsive candlestick that will lead the way. If we get a weekly close above the 50 week EMA, then it is likely that we go looking towards the $50 level. On the other hand, if we break down below the green candlestick from the previous week, it is likely that we go much lower.

WTI Oil Video 28.09.20

Brent

Brent markets initially fell during the course of the week as well but continue to see a lot of interest at the $40 level, and therefore I think it is only a matter of time before we break down below there. Having said that, the weekly candlestick does look a little bit more supportive over here than it does in the WTI market, so we may get a short-term bounce. That bounce will more than likely get sold into until we get a weekly close above the 50 week EMA. Pay attention to the US dollar, if it strengthens that will more than likely play havoc with the pricing power of crude oil overall. One thing that is worth paying attention to also is the fact that there is a serious lack of demand and there are a lot of concerns when it comes to global economic strength.

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

This article was originally posted on FX Empire

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