Weekly Crude Oil Price Prediction – Crude Oil Markets Have Positive Week

During the course of the week, crude oil markets showed symptoms of stability and continued to exhibit a great deal of erratic behavior.

Weekly WTI Crude Oil Technical Analysis

West Texas Intermediate Crude Oil first retreated during the trade week, but then reversed course and displayed renewed indications of life. At this time, the market appears to be poised for volatility and attempting to break out of the range we have been in. The 50-Week Exponential Moving Average is slightly above the $90 level; if we could break above there, it is likely that the market will rise. Keep in mind that many people continue to view the OPEC production cutbacks as a spur to go higher, but you must also be concerned about a lack of demand due to the deteriorating global economy. I believe you are more likely to observe sideways movement than anything else.

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Weekly Brent Crude Oil Technical Analysis

Brent markets initially declined during the week, but have since shown signs of life. The market is currently hovering around the 50-Week EMA, as is the WTI grade. The $100 level is a big level of resistance, and if we could break over it, it is possible that the price might go much higher. If the price breaks above the $100 mark, the $105 level will likely be pursued. The $90 level below should provide substantial support, so a break below that might drive this market to the $85 level. As with the WTI grade, I anticipate a great deal of erratic trading, so bear this in mind and realize that we are attempting to forecast future demand.

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