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Christopher Lewis
Brent WTI Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has tried to rally initially during the trading session on Friday but then gave back the gains to stay within the same range we have been in. That being the case, you should also pay attention to the fact that the 50 day and the 200 day EMA indicators underneath are flat and going sideways, so that suggests that we are going to stay within a trading range. At this point, a lot of traders are starting to try to price in the idea of a world after the vaccine but let us not forget oil was already oversupplied before any of this coronavirus nonsense head. I believe we continue to stay within the range but if we break above the $43 level, then the $45 level would be the next target. Otherwise, we should simply pull back towards the 50 day EMA.

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Crude Oil Video 23.11.20

Brent

Brent markets have initially tried to rally during the trading session on Friday as well but gave back the gains just above the 200 day EMA. At this point in time, the market is likely to continue to see bearish pressure above the 200 day EMA so I think it is only a matter of time before we continue to see sellers come back in and try to push this pair towards the 50 day EMA. Even if we do break from here to the upside, it is not until we clear the $46.50 level that I would be a buyer. With that being the case, I like the idea of playing this market back and forth in this general vicinity, as the 50 day EMA would probably offer a certain amount of support. If we break down below there, then it is likely that we go down towards the $39 level after that.

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

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