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Christopher Lewis
Crude Oil Brent WTI

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Friday but ran into the 200 day EMA to find a bit of trouble. This is a market that does not seem like it has anywhere to be anytime soon, so not a huge surprise that we rolled over. I think overall we are looking at a scenario where we could reach towards the $40 level, as the market is likely to see that as an important level. If we break down below there, then we have the 50 day EMA at the $37.60 level waiting to catch the market as well. For what it is worth, I do not know that we have anywhere to be anytime soon.

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Crude Oil Video 27.07.20

Brent

Brent markets also look very similar, as they tried to rally during the day but then pulled back. The drifting of the market to the downside is not a huge surprise considering that we are in the middle of the gap from the bigger move, so I think overall it is likely that we will see a lot of bouncing back and forth, so therefore I think we continue to trade in a relatively tight range. That being the case, if we do break out to the upside then it is likely that we are going to go looking towards the $50 level. On a breakdown below the $40 level, we could go as low as $32 after that. However, in the meantime I think we are simply banging back and forth.

For a look at all of today’s economic events, check out our economic calendar.

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