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Christopher Lewis
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Brent WTI crude oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back a bit during the course of the trading session on Thursday but did recover enough to show signs of strength. The 50 day EMA underneath is a support level, that a lot of people will be paying close attention to. The $60 level underneath is also another reason to think that the buyers might come back into play. The $62.50 level above is resistance, but we are still very much in an uptrend longer term so one would have to think that eventually we will try to break above it. On the downside if we do close on a daily chart below that 50 day EMA that could lead to a deeper correction.

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Crude Oil Video 23.04.21

Brent

Brent markets also pulled back a bit during the course of the trading session on Thursday to test the $65 level but has turned around to show signs of life again. At this point in time, it looks as if the market is trying to recover, but at the end of the day the 50 day EMA is probably significant support, and it would not surprise me at all to see this market pullback towards that area. On the other hand, if we break above the $66.50 level, then the market is likely to go higher. The $70 level above looks to be a hard ceiling, but if we were to get a daily close below the 50 day EMA, then it is likely that this market breaks apart and goes much lower. All things been equal, keep your position size reasonable as volatility will continue to be an issue.

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