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Christopher Lewis
Crude Oil daily chart, July 11, 2018

WTI Crude Oil

The WTI Crude Oil market has started to grind a bit to the upside, reaching towards the $75 level above. That of course is a large, round, psychologically significant figure, and an area that has caused a bit of resistance in the past. I think if we can break above that level, it’s likely that we will continue to go towards the $77.50 level, and of course beyond their if things start to heat up. If the US dollar starts to fall, that will also add to bullish pressure. I believe that currently we are simply trying to build enough momentum to break above the $75 level, so short-term pullbacks should be buying opportunities.

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Brent

Brent markets have also rallied, and even broke above the top of the gap down from last week. Now it looks as if we will try to make a move towards the $80 level, which of course is psychologically important and of course will probably attract a lot of attention. At this point, I think that short-term pullbacks will be buying opportunities with the $70.50 level offering support. The moving average that I track are starting a move higher as well, so I think that this is a very bullish looking market. I have no interest in shorting this market, at least not until we would break down below the $77 level, something that I do not anticipate seeing anytime soon. Forex markets are starting to look as if we are turning against the greenback, so that should help.

Oil Forecast Video 11.07.18

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