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Christopher Lewis
Crude Oil WTI Brent

WTI Crude Oil

WTI Crude Oil market has filled the gap during the trading session on Tuesday, ending the Wednesday candlestick was negative like you would anticipate. However, it got a bit of a boost due to the fact that officials in New York State are starting to talk about implementing a 14 day quarantine on people who are coming from hotspots. In other words, people are starting to think about the possibility of economies being locked down completely. If that is going to be the case, then obviously there is a lot of concern about demand. That being said, I think that this will end up being a buying opportunity if you are patient enough to wait a couple of days.

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Crude Oil Video 25.06.20

Brent

Brent markets have gotten hammered as well, reaching down towards the $40 level, an area that I would anticipate buyers jumping back into. With this, I would be looking for value hunters to come in and pick up this market somewhere between the $40 level and the 50 day EMA which is just below, and as a result I like the idea of perhaps picking up oil down at these lower levels, because it has shown itself to be so resilient. However, if we break down below the $35 level then we have to reset and think about going down to the $30 level. Remember, oil does tend to move in $10 increments, so it is worth paying attention to and figuring out where that $10 increment is. Right now, I would guesstimate somewhere between $35 and $45 as being your range.

For a look at all of today’s economic events, check out our economic calendar.

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