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Christopher Lewis
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Crude Oil daily chart, January 03, 2019

WTI Crude Oil

The WTI Crude Oil market initially fell during the trading session on Wednesday but found enough support under the $45 level to turn around and send things towards the 20 day EMA above. There is a significant amount of resistance built into that area, because it is just below the previous support level and of course the psychologically important $50 handle. With that, I think that any signs of exhaustion should probably be sold, as I anticipate there is going to be a huge barrier extending from $50 all the way to the $55 handle above there. If we clear the $55 level, then the market could go much higher.

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Oil Forecast Video 03.01.19

Brent

Brent market participant sold at the open on Wednesday but then turned around to push towards the 20 day EMA above. The downtrend line continues to offer resistance, so I think it is only a matter of time before the sellers return. Beyond that, I think we could see a lot of resistance near the $60 level above as well. Breaking above the trend line is of course a very bullish sign, and it could be the beginning of the trend changing overall. If that’s the case, then anticipate that the $60 level will offer resistance and then we will come back towards the downtrend line where we could find support again. We will bounce from there and then continue to go higher. I believe that Brent could lead the way for WTI to rally as well so pay attention to both of these markets.

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