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Christopher Lewis
WTI Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Tuesday but quite frankly all we are doing is dancing sideways along the 200 day EMA. At this point, I think the market is trying to break out, but we just do not have the momentum to make it happen. Eventually we could see some type of impulsive candlestick but right now it favors the upside. There is the old adage “never short a quiet market.” It is possible that adage applies that this market as well.

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Crude Oil Video 29.07.20

Brent

Brent markets have dropped a bit during the trading session on Tuesday but are currently trading between the 50 day EMA and the 200 day EMA, so it is not a huge surprise to see that the market has nowhere to be. I think at this point if you are going to trade crude oil you need to see some type of impulsive daily candlestick in order to get involved. The market has almost no directionality at the moment, so you should be very cautious about putting a bunch of money to work.

That being said, unless you are a high-frequency trader or a scalper, then there is not much for you to do here but wait. Longer-term, it is likely that we will see some type of big move, but clearly, we do not have the necessary pieces together in order to make that happen. Being patient will probably be your best friend here.

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

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