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Christopher Lewis
Crude Oil daily chart, August 07, 2019

WTI Crude Oil

The WTI Crude Oil market broke down significantly during the trading session on Tuesday, but then turned around to form a bit of a hammer like candle. The $55 level is of course an area that attract a lot of attention as the WTI Crude Oil market typically moves in five dollar increments. The fact that we have formed a bit of a bounce later in the session suggests that there is at least a bit of fight in this market. At this point, it looks like there is a lot of noise between here and $51 below, so therefore we could continue to see a bit of a bounce here and there. All things being equal though, it does look like the market is going to favor the downside. In other words, I like selling rallies.

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Oil Forecast Video 07.08.19

Brent

Brent markets have broken down a bit during the trading session on Tuesday, reaching towards the crucial $59 level. As I have this chart marked, you can see that there is a $1.00 level extending down from the $60 level, which of course is a large, round, psychologically significant figure. Ultimately, the 50 day EMA offers quite a bit of resistance above and is starting to turn lower. If we break down below the $59 level, it’s likely that we break down towards the $55 level after that. Rallies at this point still offer selling opportunities although I do expect a bit of a bounce.

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