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Christopher Lewis
Crude Oil daily chart, November 22, 2019

WTI Crude Oil

The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Thursday, reaching towards the vital and crucial $58 level. That is an area that has offered resistance previously, and now it looks as if we are going to make a significant push to try to break out above there. If we were to break above there, the market should then go towards the $60 level above which is the top of the larger consolidation region. To the downside, the $50 level offers the bottom, but right now it looks as if the market is ready to go higher rather than lower.

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Crude Oil Inventories Video 22.11.19

Brent

Brent markets have also rally and have even pierced the 200 day EMA. By doing so, the market is likely to go towards the $65 level after that. Looking at the action over the last couple days, suggests that we were going to go higher, but the $65 level is going to be difficult. There is a massive resistance barrier between the $65 level and the $67.50 level. That is a thick “barrier” that will be influential as to where the market goes. I suspect that short-term pullbacks will continue to be bought in the short term, and although we are in a larger consolidation region, I still favor the upside at least in the short term. Expect a lot of choppy back-and-forth trading but have more of an upward tilt in your trading. With this, the market continues to offer a lot of chop and back and forth but with the slant of buying.

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