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Christopher Lewis
Crude Oil weekly chart, November 18, 2019

WTI Crude Oil

The WTI Crude Oil market initially pulled back during the week but found enough support to turn things around to form a bit of a hammer. The hammer of course is a bullish sign and it looks as if we are ready to go higher. The top of the overall consolidation area extends from $60-$62 $0.50, and therefore I think we are going to go higher to try to test that out. I don’t necessarily think that we break above there, I think we just simply continue to grind back and forth but obviously have more buyers interested in this market than sellers based upon volume.

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WTI Video 18.11.19

Brent

Obviously, Brent markets will follow the same path over the longer term, and we have in fact formed a hammer for the third week in a row. We are gradually grinding higher and I think it’s only a matter of time before we break towards the $65 level, and then perhaps even do $67.50 level. With that being the case, I think that the market is one that you can buy on dips, but I would not expect the world from the market, as the $67.50 level will continue to be very resistive. If we were to break above there then obviously the $70 level would be targeted as it is a large, round, psychologically significant figure. The alternate scenario is that we break down below the $60 level, because that of course would be negative breaking the back of three hammers in a row.

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