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Christopher Lewis
Crude Oil daily chart, September 19, 2018

WTI Crude Oil

The WTI Crude Oil market broke above the $69.50 level early during the day on Tuesday, and then reach this high as $70 before pulling back. This area of resistance makes sense, it’s a large, round, psychologically significant figure, and of course there are a lot of concerns about the possible lack of demand due to increased tariffs. I think this type of volatility continues to be a mainstay in this market, but the one good thing that I see here is that we have made a “higher high” now. However, it would not surprise me at all to see this market break back down to $69 to go looking for support.

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Brent

The Brent market broke above the $79 level during trading and early hours, perhaps urged on by what was initially the very calm reaction of the Chinese to fresh US tariffs. However, they have continued forward with a complaint to the WTO  and for tariffs, so this has people worried about overall demand. When you look at the chart though, you can see that as I record this we are testing the top of the consolidation area, so it’ll be interesting to see if it can offer support. I think we continue to see erratic moves, and quite frankly this may continue to be a “by on the dips” scenario, but it is certainly going to be difficult regardless. I expect see a lot of support at the $70 level.

Oil Forecast Video 19.09.18

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