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Christopher Lewis
Crude Oil daily chart, October 14, 2019

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading session on Friday, reaching towards the $55 level. That’s an area that is of course a large, round, psychologically significant figure and of course has the 50 day EMA trading just above it. If we can break above that level on a daily close, then it’s likely that we go looking to fill that gap near the $57.25 level. The 200 day EMA sits in that area as well. In the short term, pullbacks at this point will continue to be supported by the uptrend line underneath and of course the $51 level underneath that has been so reliable as of late.

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Crude Oil Inventories Video 14.10.19

Brent

Brent markets gapped higher after the oil tanker was hit, reaching towards the 50 day EMA before selling off again to form a shooting star. This is a negative sign, but now that we have broken through a significant resistance barrier, it’s likely that this pullback will offer enough interest for buyers to jump in and continue to go higher. If we break above the top of the shooting star from the session, that would obviously be very bullish sign and could send this market looking towards the $62.50 level, and then possibly even the $64 level after that. Pullbacks in this area should have plenty of support, especially near the $57.50 level. Below there, the market extend support all the way down to at least the $56 level. This is a market that continues to see value hunters.

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