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Christopher Lewis
Crude Oil daily chart, November 20, 2019

WTI Crude Oil

The WTI Crude Oil market has broken down significantly during the trading session on Tuesday, crashing into the 50 day EMA. The 50 day EMA of course is a crucial technical indicator that a lot of bigger players will pay attention to, so therefore it causes a certain amount of attention by retail traders as well. All things being equal though we are still in the middle of a larger consolidation area, so it’s a bit difficult to get overly bearish at this point. In fact, I suspect that the $55 level should offer a certain amount of support that could turn this market around. If we break down below that level, then the $52.50 level underneath would be targeted.

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Oil Forecast Video 20.11.19

Brent

Brent markets also fell during the trading session, reaching towards the 50 day EMA, showing signs of weakness. Ultimately, this is a market that continues to see a lot of back and forth and as a result it’s likely that the $60 level underneath will continue to be massive support, as it is a large, round, psychologically significant figure, and of course the most recent low that has caused massive buying. The 50 day EMA is being tested at the same time, so that of course will attract a certain amount of attention. Because of this, it’s very likely that we continue to see a lot of choppiness but I more than willing to buy short-term dips as his market continues to prove itself to be rather resilient.

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