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Christopher Lewis

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday as we continue to see strength. At this point time, the market is sitting well above the $51 level, and now I think that the $52.50 level would be your initial target. After that, I think that the $55 level then it is looked towards. Short-term pullbacks at this point in time offer buying opportunities, with the $50 level being a significant amount of support. Underneath there we have the 50 day EMA at the $45.70 level to offer a bit of a floor in the market. I do not think that this rally continues ad infinitum, but in the short term it certainly looks to be the way going forward.

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Crude Oil Video 11.01.21

Brent

Brent markets rallied significantly during the trading session on Friday, as we have broken above the $55 level. The market is likely to continue to see a lot of bullish pressure, and I think underneath at the $53.25 level we see a lot of supporting action. All things being equal, I think that dips will continue to go into the “value category”, that people are looking towards the upside. In fact, it is not until we break down below the $50 level that I would be interested in shorting this market. The 50 day EMA is sitting just underneath there as well, so at this point in time I think that the longer-term outlook for this market might be mixed, but the short term is most certainly positive.

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