Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
Crude Oil WTI Brent

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen just a little bit during the trading session on Friday, as we are now just below the 20 day EMA. The 50 day EMA is sitting underneath though, so it should continue to cause support. I think there is a reasonable “zone of support” city between these moving averages, and as a result I do believe that buyers will come back sooner or later. The US dollar has strengthened a little bit so that has put downward pressure, but at the end of the day the US dollar is in the cyclical downtrend, so that continues to lift at the same time. Expect choppy trading in general but I think it is only a matter of time before we the previous levels.


Crude Oil Video 03.08.20


Brent markets also look a bit lackadaisical to say the least, as we are hovering right around the 20 day EMA. The 50 day EMA sits underneath, offering a “zone of support” as well, and therefore I think it is only a matter of time before the buyers get involved here as well. The $45 level is an obvious resistance barrier, not only because it is a large, round, psychologically significant figure, but it is also the top of the gap that is so prevalent on this chart. Because of this, I think we continue to bounce around in this general vicinity and we will eventually have to make a bigger move. In the short term, simply trading back and forth seems to be the best way.

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.