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Christopher Lewis
Crude Oil daily chart, July 25, 2019

WTI Crude Oil

The WTI Crude Oil market gapped a bit higher during the trading session on Wednesday, showing signs of life again. Ultimately, this is a market that does have a lot of downward pressure above though, so I think that the 50 day EMA, which is currently at the $57.66 level, should be massive resistance. I think that if we can find any type of reason to start shorting, not only from technical analysis, but the fact that even though we have extreme tensions between the United States and Iran, it doesn’t seem to be enough to pick this market up. I believe that at the first signs of exhaustion we are ready to drop from here and test the $55 level again.

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Crude Oil Price Forecast Video 25.07.19

Brent

Brent markets gapped higher to kick off the trading session on Wednesday, pulled back a bit to fill that gap, and then rallied a bit. Ultimately, I think that the 50 day EMA is going to cause resistance near the $65.16 level, and of course the $65 level should cause a bit of resistance anyway. Signs of exhaustion should be an opportunity to sell again, reaching down towards the $62.50 level next. After that, the $60 level underneath is the target, and a massive psychologically important figure. That’s an area where we have seen buyers at previously, so it makes sense that we would retest that region. If we break down below there, then the crude oil markets should “flush” much lower.

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