Christopher Lewis
Add to Bookmarks
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the trading session on Wednesday as we have broken above the $70 level. That of course is a very bullish sign and I think it is only a matter of time before we go to the upside. With this being the case, I think it is only a matter of time before we would see a continuation of the move to the upside. With this, I am looking to buy dips, especially if we drop down towards the $67.50 level. If we were to break down below the $67.50 level, then we could take a look at the 50 day EMA underneath, which is basically supporting the $65 level. Nonetheless, we are in an uptrend and that has without a doubt the most weighting to this market.


Crude Oil Video 10.06.21


Brent markets also have broken above the $72.50 level during the trading session, as the market has shown bullish pressure more than once. That being said, I like the idea of getting long of this market on short-term dips, as the $70 level should continue to be rather supportive. After all, it was the top of the ascending triangle, and of course a large, round, psychologically significant figure. With that being the case, I think that the market is probably going to go looking towards the $75 level over the longer term. If we can break above there, then I think we go looking to fulfill the “measured move” of the ascending triangle, which would have this market looking towards the $80 level. The 50 day EMA underneath continues offer plenty of support

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.

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