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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be susceptible to downward pressure of the last couple of days, and as we have broken below the 50 day EMA again, it certainly looks as if a bigger move is coming sooner rather than later. Based upon the last couple of weeks, one would have to assume we just made a “lower high”, suggesting that we are probably now going to go probing for a “lower low.” At this point, I would not be surprised at all to see this market reached down towards the $37 level over the next couple of days. I continue to fade short-term rallies that show signs of exhaustion, especially if the US dollar starts to strengthen again, which currently looks to be the case.


Crude Oil Video 23.09.20


Brent markets have gone back and forth during the trading session as well, following the same back-and-forth type of pattern you would expect. Ultimately, this is a market that I think will see plenty of sellers jumping in, pushing it towards the $40 level. So far, the $40 level has offered significant support but if that level gets breached on a daily close, we could very well go down to the $35 level, possibly lower than that. With this being the case, I think that Brent will also be another scenario where you are looking to sell rallies as they occur. It is not until we break above the blue 200 day EMA that I am interested in buying this market, and quite frankly the lack of demand coming out of various economies does not provide a lot of incentive to be bullish of this market.

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.