FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
20,869,687Confirmed
748,290Deaths
13,759,235Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Crude Oil daily chart, November 27, 2019

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Tuesday, reaching towards the recent highs. Those recent highs of course suggest that there is recent selling in that area, so I would be cautious about getting to overly bullish here. I think short-term pullbacks continue to offer buying opportunities, but overall, I don’t like the idea of trying to get too cute here. The $60 level above should be a massive resistance barrier that will be very difficult to overcome.

Advertisement

Oil Forecast Video 27.11.19

Brent

Brent markets continue to try to grind higher, but quite frankly there is a ton of resistance just above that continues to cause major issues. All things being considered though, I think that the market will try to reach that crucial $65 level, an area that has been massive resistance in the past. I don’t think that this market breaks out though, and I think it just simply tries to that area again. Expect a lot of choppy back-and-forth trading as traders don’t really know what to do at this point, and of course it is the Thanksgiving weekend the United States so there will be a lot of confusion and questions about volume. If we break down from here, I anticipate that the 50 day EMA should continue to offer a lot of support, so keep that in mind as well as it could be a potential buying opportunity also. All things being equal I am slightly bullish, but I recognize the gains are probably somewhat limited.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk