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Christopher Lewis
Crude Oil daily chart, August 15, 2019

WTI Crude Oil

The WTI Crude Oil market broke down rather significantly during the trading session on Wednesday, as the 50 day EMA has come into play to show a lot of resistance. At this point, it’s very likely that the market should continue to go lower but it’s obvious that somewhere around the $55 level we will have a certain amount of noise attached to the market. I do think that we go lower, but it would not surprise me at all to see a short-term rally that you need to start selling again in order to get those low are moves down to the $52.50 level, and then possibly the $51.00 level. Ultimately, this is a market that is suffering from a lack of demand.

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Crude Oil Price Forecast Video 15.08.19

Brent

Were no different, breaking through the $59 level again, showing extreme weakness. If we can break down below the lows of the trading session on Tuesday, it’s very likely that we could go down to the $56 level next. In the meantime, I believe that rallies are to be sold, as we are at such a major confluence of support and resistance on longer-term charts. Ultimately though, I do think that this market is likely to recognize that as an area that you can start selling again due to the lack of demand and global slowdown that we are seeing just about everywhere. I continue to fade short-term rallies and look to make trades based upon the longer-term trend that continues to struggle. I have no interest in buying crude oil anytime soon.

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