Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Consolidate

Christopher Lewis
2 min read
6
In this article:

Crude Oil Prices Forecast Video for 20.02.23

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, but ultimately ended up falling. That being said, the market is likely to continue to see a lot of noisy behavior, with the 200-Week EMA hanging around the $73 level. All things being equal, the market continues to stay in the same consolidation box, so I do think this is a situation where we have to figure out what to do next, as we just don’t have any real momentum. Furthermore, you have to keep in mind that most people are trying to figure out whether or not the demand for crude oil will continue to be enough to keep the market afloat.

Brent Crude Oil Weekly Technical Analysis

Brent markets have fallen as well, as we continue to see the same area offers bit of noise. Ultimately, I think this is a situation where we have a lot of questions about whether or not we can break out of these 2 moving averages, the 50-Week EMA and the 200-Week EMA underneath. In general, this is a market that’s going to follow the other one, so if we see the market break out of this box, then I think we could see a much bigger move. At that point, we they go down to the $70 level, or if we take off to the upside, we could go all the way to the $100 level above. Keep in mind that Brent is a much more susceptible to global pressures than WTI at times, so with that being the case I think you have to look at this through the prism of whether people believe that the economy is getting better or not.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

Advertisement

Recommended Stories