FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
33,089,013Confirmed
999,114Deaths
24,442,541Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Crude Oil daily chart, October 09, 2019

WTI Crude Oil

The WTI Crude Oil market broke down during the trading session on Tuesday but continues to find support underneath as the uptrend line crosses just below, and of course there is a range of support from the $51 level down to the $50 level. This area has held several times before, so until we can break down below the $50 level, not much has changed as far as the longer-term uptrend. At this point, there is significant resistance above at the $55 level though, so keep in mind that we probably are going to bang around more than anything else. All things being equal, I anticipate that markets continue to be very noisy and difficult, preferring short-term trades back and forth.

Advertisement

Oil Forecast Video 09.10.19

Brent

Brent markets tested the $57.50 level before bouncing during the trading session, although at this point I would point out that there is a couple of candlesticks that are competing against each other over the last couple of days, so it’s likely that we continue to bounce around between the $56 level on the bottom, and the $60 level above. Short-term back and forth trading probably continues to work, as the market has shown itself to be overly negative, but we are most certainly at an inflection point that could pick this market up. If we were to break above the $60 level, then it’s possible that we could go to the $62.50 level but I think it’s going to take an extraordinarily significant catalyst to make that happen.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk