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Christopher Lewis
Crude Oil daily chart, February 27, 2019

WTI Crude Oil

The WTI Crude Oil market has initially pulled back a bit during the trading session on Tuesday but turned around to show signs of life again at the $55 level. At this point, we are essentially trading in an area that extends all the way to the $57.50 region, so I think a lot of back and forth momentum will probably continue. At this point, we are essentially stuck between the 50 day EMA and the 200 day EMA. With that, the market is probably going to consolidate for a while, trying to figure out where we are going for a longer-term move. Currently, it looks like short-term momentum will send this market higher.

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Oil Forecast Video 27.02.19

Brent

Brent markets look very much the same and for the analysis in this video I am using the May contract. We are in the process of seeing more volume flow into this market, and you can see that we have recently tested the 200 day EMA. The $65 level underneath has been supportive, at least so far on Tuesday. If we can rally from here and go looking towards the 200 day EMA again, we may be able to break out from that point. Regardless, this is a market that looks very choppy short term, but it can be thought of as positive in general. The 50 day EMA underneath is turning higher, so it does look like we are trying to wind up and shoot to the upside.

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