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Christopher Lewis
WTI and Brent Crude Oil

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session again on Monday to kick off the week, as we are trading between the 50 day EMA on the bottom and the 200 day EMA on the top. The $40 level is just below so that should offer a bit of support, so with this being the case I believe that the market is likely to struggle to break to the upside. However, if we do make another high, I think at that point the market will grind its way towards the $49 level. Remember, sometimes it is a matter of currency, as the US dollar is getting crushed it helps elevate the crude oil market, regardless of demand as people tried to bite “things.”

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Crude Oil Video 28.07.20

Brent

Brent markets also pulled back just a bit during the trading session but we are still right in the middle of the overall range, so I think that we are likely to see a lot of noisy back-and-forth trading, eventually looking towards the 200 day EMA which is currently at the $45.86 level. If we can break above there, then the Brent market is very likely to go looking towards the $50 level which is a major psychological magnet for price over time anyway. If we break down below the $40 level, that could spell some trouble but right now I do not think that happens with the 50 day EMA sitting above it.

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

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