FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market shot higher during the course of the week, reaching towards the $60 level. We closed towards the top of the range in general, and therefore it is likely that we continue to see the bullish pressure continue to be a major feature of this market. If we can break above the $60 level, then it opens up a move towards the $65 level. We are getting a bit overdone, but quite frankly you cannot be a seller of this market quite yet, although I do think that sooner or later, we are going to run into massive amounts of problems, but clearly not now. I anticipate that short-term buying on the dips continues.

Advertisement

WTI Oil Video 15.02.21

Brent

Brent markets broke above the $60 level during the course of the week, and now look as if they are ready to go looking towards the $65 level as we have pierced the $62.50 level. All things been equal, I think the buyers will come back into this market to look for short-term buying opportunities, perhaps extending all the way down to the $55 level. In this general vicinity, I think that the 200 week EMA also offers massive support. Brent is more likely than not to go looking towards the $70 level above, which of course is a large, round, psychologically significant figure, and where we had sold off so drastically in January of last year. Having said all of this, it continues to be a “buy on the dips” type of market, and that is how you are going to have to play it in the near term.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

75% of retail CFD investors lose money

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

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