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Christopher Lewis
Crude Oil daily chart, October 28, 2019

WTI Crude Oil

The WTI Crude Oil market has chopped around during the trading session on Friday, using the 50-day EMA as support and it looks as if the 200-day EMA above is going to be resistance. This is a market that continues to see a lot of choppiness after a huge move to the upside. If we can break above the $57.50 level, then the market is likely to go looking towards a $59.00 level. To the downside, if we were to break down below the $55.00 level it’s likely that we would find value hunters underneath and I would be looking for buying opportunities at that point.


WTI Video 28.10.19


Brent markets of course acted very similarly, as they typically do. The market pullback towards the 50-day EMA at the $60.64 level, but then bounced a bit to show signs of support again. At this point, the $62.50 level is the next target, followed by the 200-day EMA above at the $63.75 level. Brent markets continue to find plenty of value hunters out there, just as the WTI markets do. I currently don’t have any interest in shorting, but I do recognize that if we were to break down below the 50-day EMA then stepping to the side and waiting for signs of support will be the best way to go going forward. $60 underneath the course will be an extraordinarily important level for support, so we would have to wait and see if it were to break down below there.

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