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Christopher Lewis
Crude Oil daily chart, August 06, 2019

WTI Crude Oil

The WTI Crude Oil market has fallen a bit during the trading session on Monday, as we continue to see a lot of negativity in this market. We are currently hovering around the $55 level though, so at this point the question is whether or not that support holds. I think at this point we are also starting to form a bit of a negative pendant, so there’s the possibility of a break down. Clearly, rallies at this point probably fade away rather rapidly, as the downtrend seems to be very much an effect. The 50 day EMA above should be resistance as well, as it is that the top of a major “breakdown candle.”

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Crude Oil Video 06.08.19

Brent

Brent markets fell during the trading session, reaching towards the $60 level. That’s an area that obviously attracts a lot of attention and I think if we can break down below there it’s likely that we go much lower. At this point, it looks likely that we will break through that level given enough time, but if we get a short-term bounce from here it’s likely that the shooting star from the Friday session could cause some issues for the buyers as well. Ultimately, I think you continue to fade rallies at this point, simply because there is not enough demand for crude oil currently. All things being equal, I think we go down to the $58 level.

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