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Christopher Lewis
Crude Oil daily chart, August 22, 2019

WTI Crude Oil

The WTI Crude Oil market initially shot higher during the trading session on Wednesday, breaking through a downtrend line that I have marked on the chart. At this point, the $57.50 level above is massive resistance, and I think that area will continue to cause a lot of issues just as the downtrend line will. At this point, I think we are trying to figure out where to go next, so this is rapidly becoming more of a binary trade in the sense that if we can break down through the hammer from the previous session, then it’s a very negative sign. Alternately, if we can break above the $57.50 level, then it’s a positive sign and could send this market looking to finish the longer-term consolidation to the $60 handle.


Crude Oil Price Forecast Video 22.08.19


Brent markets rallied during the trading session as well, reaching towards the crucial $61 level. This is an area that has offered resistance a couple of times recently, and of course we are starting to get somewhat close to the 50 day EMA. With that in mind I suspect we may see a little bit of a pullback but keep an eye on both of these charts. Typically, one of them will lead the other one, give you new a “heads up” as to which direction the entire market should go. All things being equal I believe that the market will continue to perceive the lack of demand globally as a major headwind.

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