Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Slump

WTI Crude Oil

The West Texas Crude Oil market initially rallied during the trading session on Monday, reaching towards the $60 level before pulling back. It looks as if the 200 day EMA has offered resistance as well, but we also have the hammer from the Friday session, which has the look of a market that is trying to stabilize itself. That being the case, I would not read too much into the Monday candlestick, and recognize that if we can break above the top of that candlestick, it means that will go looking towards the top of the range. Alternately, if we break down below the hammer from the Friday session, then we will certainly be looking to go towards the $55 level.


Crude Oil Video 21.01.20


Brent markets also tried to rally initially but then gave back quite a bit of the gains. There is a hammer on Friday here as well, and that should continue to help support the market. We are hovering around the $65 level, which of course is a large, round, psychologically significant figure that people will be paying attention to. If we break above the highs from the Monday session, I believe at that point the market will probably go looking towards the $67.50 level. However, if we break down below the bottom of the hammer from the Friday session, then it’s likely that we will go looking towards the $60 level underneath. At this point, the market is very choppy but stable and therefore it looks like we may recover at first glance.

Please let us know what you think in the comments below

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.