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Christopher Lewis
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Crude Oil daily chart, June 14, 2019

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Thursday, using the bottom as a major support level. By shooting straight up in the air the way we did, it’s very likely that we are going to see more volatility, as reports came out that a couple of tankers were attacked in the Straits of Hormuz. That has people worried about overall Middle East tensions, so that being the case it’s likely that we should continue to see a lot of back-and-forth. That being said though, I think the most important thing on this chart is the fact that the $50 level is holding. We formed a hammer last week, so that’s reason enough to go along as well. That doesn’t mean that you should be buying here, buying on pullbacks probably will continue to be the way going forward.

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Crude Oil Forecast Video 14.06.19

Brent

Brent markets also rallied during the day, using the $60 level is a bit of a bottom, I think it’s only a matter of time before we continue to go higher but I think that a short-term pullback is probably best for traders, as it gives us a bit of value. Looking at the weekly charts, we formed a hammer and the Brent market as well, so it’s a good sign that we were ready to bounce anyways. Quite frankly, the tanker attack was just an excuse to rally. That being said, we make a fresh low we could unwind rather drastically as the $60 level is the 61.8% Fibonacci retracement level.

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