FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Crude Oil WTI Brent

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Thursday, but then gave back those gains to drop below the $60 level. We are sitting at the 50 day EMA as well, so it does make a certain amount of sense that we do not really know where to go yet. At this point in time, if we break down below the lows of the previous week, then I think we go looking towards the $52.50 level.

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

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

On the other hand, if we break above the highs from the last several sessions, then we are going to retest the previous uptrend line. If we can break above that, then I think we go back towards the $65 level, possibly even $67.50.

Advertisement

Crude Oil Video 02.04.21

Brent

Brent markets initially tried to rally during the trading session on Thursday but gave back the gains as well. Just like in the WTI grade, we have found massive support at the 50 day EMA, and of course it is moving on rumors as well. I see the same set up here as I do in the WTI grade, if we break down below the lows over the last couple weeks, we probably break through $60 and go looking towards $55 next. To the upside, if we can break above the $65 level, I think it opens up about a three dollar move without too many issues, perhaps a move to the $70 level given enough time. One thing is for sure, crude oil is going to be volatile but you should also keep in the back of your head that Friday is Good Friday so liquidity could be a bit of an issue as well.

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

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