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Crude Oil Weekly Price Forecast – Crude Oil Markets Have Noisy Week Again

·2 minuto per la lettura

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has been a bit of a wreck during the course of the week, as we have seen the markets go higher, lower, higher, and then lower again. At this point, crude oil is the only commodity that seems to be trying to stay afloat, so it’s essentially the “last man standing.” With the rest of the commodity markets plunging the way they have, I anticipate that crude oil will probably eventually follow suit. The $100 level will be crucial as to where we go next, but I think you need to probably wait until we either reach there, or break above the weekly candlestick from this past one. Either way, it’s probably better left alone than anything else.

Crude Oil Prices Forecast Video 04.07.22

Brent Crude Oil Weekly Technical Analysis

Brent markets also have shown themselves to be less than positive, although it is a green candlestick. At this point, the market looks as if it is trying to break down through the uptrend line underneath, and if that’s going to be the case, it’s very likely that we will continue to see noise and confusion. The uptrend line being broken opens up the possibility of Brent going to $100, where I think the trend is defined. Alternately, if we break above the top of the candlestick from both this week and the previous one, then it allows Brent to go looking towards the highs again. Keep in mind that with a global slowdown, demand for crude oil will drop, and that might be what we are trying to price and at the moment.

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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