Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
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.


Crude Oil Video 26.10.20


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.

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

75% of retail CFD investors lose money

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

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.