Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
Crude Oil WTI Brent

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially pulled back during the day on Friday but found enough support just below the $40 level to continue to show signs of life again. Given enough time, I do think that this market needs to make a bit of a decision, with the $43.50 level offering a nice target, and a massive amount of supply likely being a target. If we break down below the bottom of the hammer from the Thursday session, then it is likely that we go towards the $37 level underneath. All things being equal, this is a market that continues to be very choppy and heavily influenced by the US dollar.


Crude Oil Video 19.10.20


Brent markets pulled back slightly during the trading session on Friday but found support underneath the 50 day EMA. This is a market that I think continues to be very noisy and influenced by not only the US dollar, but the fact that demand is still iffy at best. With that being the case, I think that we will see a lot of noise, and therefore I think we need to figure out whether or not we are ready to make a bigger move. I suspect that we are not, so look for a lot of short-term back-and-forth trades.

With this being the case, the market is likely to see a lot of choppy in decision, but that has been the case for quite some time. If we were to turn around and fall, the $40 level should be massive support. Clearing that level to the downside would have the market falling apart.

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

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.