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Christopher Lewis
Crude Oil Midday chart, October 30, 2018

WTI Crude Oil

The WTI Crude Oil market gapped lower to kick off the session on Tuesday but turned around to fill the gap before falling yet again. We have broken down below the uptrend line, which of course is a very negative turn of events. We are testing the $65 level now, and if we can break down below that level, the market probably continues to go much lower. Ultimately, I think that if we break down below there it should only continue to bring in  a lot of selling pressure as more capitulation continues to enter the marketplace. At this point, it’s not until we break above the $67.50 level that I could find myself buying this market.

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Oil Forecast Midday Video 30.10.18

Brent

Brent markets of course fell as well, testing the $75 level for support. If we can break down below that level, the market then more than likely will reach down towards the $72.50 level. This is a market that has been sold off rather drastically, but I think given enough time we need to see some type of correlation. I think the Brent market needs to break the $77.50 level to continue going higher, and if it does it’s likely that we will see a big push higher. However, right now it looks as if the markets are in a bit of a freefall so I much more comfortable shorting than buying, especially below the $75 handle. This is a market that I think is continuing to struggle going forward but we are a bit oversold in the short term.

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