Weekly Technical Analysis for WTI Crude Oil
During the trading week, the West Texas Intermediate Crude Oil market declined slightly, indicating hesitancy. In the end, I believe that this market will continue to be choppy as we attempt to determine our next steps. The market is ultimately positioned between the 50-Week EMA and the 200-Week EMA indicators. The 61.8% Fibonacci level has been just below the 200-Week EMA for a while now, so I believe it to be quite stable.
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Keep in mind that many speculators are attempting to predict whether or not we will experience a significant recession, which could have a negative impact on demand. On the other hand, if supply remains constrained and demand begins to rise, this market could experience a breakout to the upside. In the meantime, it appears that we are wasting time.
Technical Analysis of Brent Crude Oil Weekly
Brent markets have also declined during the week, as we are currently below both the 50-Week EMA and the 200-Week EMA. At this juncture, I believe it is only a matter of time before we must break out of this range, and when that occurs, a $10 move in either direction is possible. In spite of this, the market is likely to remain indecisive for the foreseeable future, and with the current setup, I believe that shorter-term traders will be drawn to this market. However, once we break out of this range, it will be possible to make a larger trade on the weekly chart.
