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Christopher Lewis
Crude Oil daily chart, November 18, 2019

WTI Crude Oil

The WTI Crude Oil market has initially pulled back a bit during the trading session on Friday but found enough support underneath again to turn around and rally towards the $57.50 level. This has been a repeating pattern during the week, and it now looks as if the buyers are trying to build up enough momentum to finally break out. If we can clear the $58 level, it’s very likely that the market will then go looking towards the $59 level. Pullbacks continue to be supported near the $57 level, down to the $56.50 level.

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Crude Oil Inventories Video 18.11.19

Brent

Brent markets pulled back a bit during the trading session on Friday as well but found enough support above the 50 day EMA to turn and reach towards the 200 day EMA. If we can break above the 200 day EMA, which is presently looking more and more likely, this market should continue to go towards the $65 handle. If that happens, then we will face more resistance at the $65 level, extending all the way to the $67.50 level. It looks as if the crude oil markets are trying to rally so therefore, I don’t have any interest in trying to short them right now. Don’t be wrong, I don’t think this is a longer-term move to the upside that’s going to continue ripping higher, but I do think that there is a certain amount of buying pressure underneath that continues to be a main function of price action in this overall sector.

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