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Christopher Lewis
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday as we await more inventory figures to determine whether or not there is demand. So far, it does not look like there is a lot of demand out there, and as a result it is likely that the market will go back and forth in order to determine the next major move. In the short term, the $55 level above is massive resistance, just as the $50 level underneath is massive support. We are essentially in the middle of that area, so I think that a lot of back-and-forth is probably what we are looking at in the short term.

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Crude Oil Video 15.01.21

Brent

Brent markets have the same situation as well, as we are sitting around the $55 level, which is right between the support level at the $50 level, and of course the $60 level above. Ultimately, this market is simply looking likely to chop back and forth more than anything else. The market breaking below the $55 level could open up a move down towards the $52 level, at least in the short term. Longer-term though, I think we simply chop around this $10 range, so at this point you have to look at it as a range bound type of trade, but with a little bit more wiggle room then you get in the WTI Crude Oil market. That being said, I think we are simply starting ask questions about whether or not there is going to be enough demand, as the biggest move has essentially been due to stimulus, so now we need to see demand deliver for a continuation of the uptrend.

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