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Christopher Lewis
Crude Oil daily chart, November 06, 2019

WTI Crude Oil

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday, testing the 200 day EMA. There was a shooting star that formed during the previous session at the 200 day EMA so obviously this is going to be significant resistance. However, if we can clear the $57.50 level, then it’s likely that the market will make a move towards the $59 handle. To the downside, if we were to break down below the Tuesday lows, it’s likely that the market goes looking towards the $55 level after that.

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Oil Forecast Video 06.11.19

Brent

Brent markets have rallied as well and look likely to break out to the upside. In fact, this could lead the way for the WTI Crude Oil market, as one tends to follow the other. All things being equal, crude oil looks as if it is going to try to go to the top part of the overall consolidation that we have seen, meaning that Brent probably gets to the $64 level, possibly even the $65 level after that.

Pullbacks at this point will more than likely offer buying opportunities in a market that looks hell-bent on trying to reach the top. Overall, this is a market that is trying to form a bit of a short-term base, but at this point it’s likely that the market hangs in this overall consolidation range. Currently, it looks as that the buyers are in control and that short-term pullback should offer buying opportunities.

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