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

WTI Crude Oil

The West Texas Crude Oil market has initially tried to rally during the trading session on Friday, only to pullback and reach towards the $40 level. The 50 day EMA is relatively flat, but it is also an area where people will pay close attention to, due to the fact that it is a popular daily trend indicator. Furthermore, the $40 level also has a certain amount of psychological importance to it as well, so I think at this point we should be looking at this as a market that is right around “fair value.” The $43.50 level above is significant resistance, just as the $36.25 level underneath has offered support. Looking at this market, this looks like a whole lot of choppy back-and-forth noise just waiting to happen.

Advertisement

Crude Oil Video 26.10.20

Brent

Brent markets tried to rally a bit during the trading session on Friday, but then pulled back from that 50 day EMA as well. Ultimately, I think we probably look at short-term rallies as selling opportunities, perhaps an opportunity to reach down towards the $40 level. At this point in time, if we were to break below the $40 level, it is very likely that we could go down to the $37.50 level. That is an area that was short-term support in the past, so I think it will probably open up the door towards the $35 level. If we do rally from here, I think there is going to be massive amounts of resistance at the 200 day EMA, which is closer to the $45 level. I expect choppy back-and-forth trading more than anything else though.

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.

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