FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
116,670,105Confirmed
2,592,085Deaths
92,282,109Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
WTI Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be resilient, but not necessarily ready to break out. There is a complete disconnect between those who are looking at a post coronavirus world, and those who are looking at reality. After all, there will be a vaccine eventually, but sooner or later we are going to run out of storage for crude oil and it is more likely than not going to happen before the vaccine gets here. Eventually, there will be a reckoning. Right now, it does not look like the hoped-for quite ready to give up, so short-term selling opportunities probably continue to be the main way forward. With that being said, I have no interest whatsoever in trying to buy the market, but I am more than willing to short it on short-term signs of exhaustion.

Advertisement

Crude Oil Video 19.11.20

Brent

Brent markets initially tried to rally as well but gave back the gains at the 200 day EMA as we continue to see a lot of noise in general. At this point in time I believe that you continue to fade short-term rallies, because quite frankly there is no global growth and by extension there will be very little demand for crude oil. Yes, I understand that a vaccine is coming down the road and about a year but that has nothing to do with what is going on now. Rather, I should say that it has nothing to do with the perception of sudden global growth that people have. Disappointment will continue to be a major issue, so I look to take advantage of optimism and fade every time it gets a little overdone.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

75% of retail CFD investors lose money

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk