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Christopher Lewis
Crude Oil daily chart, July 08, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Friday after we got a stronger than anticipated jobs number. Quite frankly, the market had no idea what to do with itself, so it makes quite a bit of sense that we simply hang in the same area we have been in. The 50 day EMA is currently trading right around the $57.50 level, as we had a major break down earlier this week, and now are just simply hanging about. I believe that there are lot of questions when it comes to the supply and demand situation, so what we are looking at is consolidation between the $55 level underneath and the $60 level above.

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Crude Oil Inventories Video 08.07.19

Brent

Brent markets also look a bit confused, but they do look a little bit more positive than the WTI grade. The $65 level above is significant resistance, that extends to the 50 day EMA. If we can break above that EMA, then it’s likely that we would go to the $67.50 level. That is where we see the 200 day EMA, which of course will attract a lot of attention as well. However, if we were to turn around and break down below the $62.50 level, it’s likely that the market would probably go down to the $60 level. One thing I think you can count on as a bit of volatility, so keep that in mind but we have a couple of clear areas that should affect the market.

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