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Christopher Lewis
Crude Oil daily chart, November 21, 2019

WTI Crude Oil

The WTI Crude Oil market has rallied during the trading session on Wednesday, as we continue to see a lot of back and forth trading. As we reach towards the 200 day EMA, it’s likely that the market will see a bit of market memory here where sellers could come back in, but when you look out over the last couple of months, we have essentially been forming an uptrend and channel, and as a result we could very easily go higher. Ultimately, I like the idea of buying short-term pullbacks, but I’m not looking for any type of major breakout in one direction or the other as the market seems to have found a bit of an equilibrium.

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Crude Oil Price Forecast Video 21.11.19

Brent

Brent markets obviously are acting the same way as they typically will, with a lot of moving pieces around the world deciding whether or not crude oil should be higher or lower. The biggest concern of course is global demand, and even though there have been talks suggesting that OPEC could in fact explore the idea of cutting back production, it is not enough to send this market higher for any significant amount of time. When you look at the Brent market, it is very much like the WTI market in the sense that we have a very clear overall consolidation pattern. It looks as if the $55 level underneath is going to be the bottom of the floor, while the $67.50 level above is going to be massive resistance. That being said, short-term pullbacks continue to be bought, so looking at shorter time frames to simply buy dips based upon value makes the most sense.

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