FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Brent WTI crude oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially rallied a bit during the trading session, to reach towards the $67.50 level, only to turn around and reach towards the $65 level. The $65 level could be support, but at this point it certainly looks as if the market at the very least is going to go sideways, if not pull back into the megaphone pattern that I have marked on the chart. At this point, if we break above the top of this candlestick for the session on Monday, then it opens up the door to the $70 level. On the other hand, if we break down below the $65 level, we could see this market drop two the $62.50 level rather quickly.

Advertisement

Crude Oil Video 09.03.21

Brent

Brent markets initially rally during the trading session on Monday but gave back the gains to crash below the $70 level. The $68.50 level is where the market had fallen to, but at this point it is likely that we could go down to the $67.50 level, then possibly to the $65 level. At this point, the market does look a little bit extended but obviously we are in a very bullish market. If we were to turn around a break down below the $62.50 level then I think we could be seen a much needed significant pullback, but until then I would look at supported as opportunities to buy short-term rallies. I have no interest in shorting this market, at least not yet although I recognize that the $70 level is pretty significant resistance.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker