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Christopher Lewis
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done nothing again during the day on Friday, as we continue to dance around the $40 level. Quite frankly, if you are a short-term scalper, this is a great market for you. Otherwise, you are simply waiting for some type of impulsive candlestick to tell you which direction to trade. We had seen that on Monday but have not had any follow-through. In other words, nobody knows what they are doing, and it seems like we have quite a bit of balance right here at the $40 handle. All things being equal though, it should be noted that the most recent high was lower than the one before it, so one would have to assume that the sellers are trying to at least push things lower.

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Crude Oil Video 28.09.20

Brent

Brent markets of course with the same, as we have been relatively sideways, but I suppose you could have at least the idea of slight bullishness for the last 24 hours, but the 50 day EMA sitting above offers resistance. Ultimately, I think that this is a market that will continue to see a lot of choppiness, but it is not until we break above the $45 level that I am comfortable going long. Short-term scalps to the downside will probably continue to be the way this market behaves. Furthermore, pay attention to the US dollar because of it starts to strengthen rather drastically, that will weigh upon the oil markets given enough time.

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

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