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Christopher Lewis
WTI Brent Crude Oil

WTI Crude Oil

The WTI Crude Oil market has initially pulled back early in trading on Wednesday but then rallied to break back above the $40 level. This is an area that will attract a lot of attention for multiple reasons, not to mention the fact that it is just the $40 level causing psychological importance. The 50 day EMA is right here as well and relatively flat, and of course we have the 200 day EMA above that should offer resistance. I still believe in fading rallies, and if we break down below the lows of both Tuesday and Wednesday, then I think it opens up a move towards the $42.50 level.

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Crude Oil Video 24.09.20

Brent

Brent markets initially pulled back a bit during the trading session, but then rallied a bit to break above the $42 level. The 50 day EMA is just above there as well, so I think that if we show signs of exhaustion, then it is likely that we start to sell off yet again. On the other hand, if we were to break down below both Tuesday and Wednesday, the market is likely to go looking towards the $40 level. A breakdown below the $40 level would send this market looking towards the $37.50 level, perhaps even lower than that.

The 50 day EMA continues to cause issues, so if we were to break above there then it is possible that we could go looking towards the 200 day EMA above at the $45 region. That being said, I still favor fading rallies that show signs of exhaustion on short-term charts, especially as the US dollar is trying to strengthen more.

For a look at all of today’s economic events, check out our economic calendar.

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