Christopher Lewis
Add to Bookmarks

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially pulled back during the course of the week only to find buyers at the bottom of the ascending triangle that has been so important for the last couple of months. Ultimately, if we break above the top of the triangle, which is substantively the highs of the week, it is likely that we could go looking towards the $70 level, perhaps even the $72.50 level. At this point in time, if we were to break down below the bottom of the uptrend line, then it is possible we make a move down towards the $57.50 level. Nonetheless, it certainly looks as if oil continues to find plenty of buyers.


WTI Oil Video 17.05.21


Brent markets initially tried to break out but then pulled back again to test the bottom of the triangle only to find buyers yet again. Ultimately, it is likely that we will break out above the $70 level and go looking towards the $80 level, based upon the measured move of the height of the triangle. If we were to break down below the uptrend line, then we will more than likely drop down towards the $60 level. The $60 level is also starting to attract the 200 week EMA, so all things being equal I do think that it is only a matter of time before the buyers would come in at that area due to the technical strengthen of course the large, round, psychologically significant of that figure. Nonetheless, I believe this is a market that is also getting a boost due to the idea of the reopening trade and of course increased demand worldwide.

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

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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