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Christopher Lewis
Crude Oil weekly chart, August 05, 2019
pumping unit in sun

WTI Crude Oil

The West Texas Intermediate crude oil market has been all over the place during the week, as the $55 level continues to attract a lot of attention. We had rallied all the way towards the 50 week EMA before rolling over again, and breaking down below the $55 level, only to turn back around and break above the $55 level again. At this point, the market looks a bit confused and it is going to be difficult to trade this market from a longer-term standpoint.

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WTI Video 05.08.19

Brent

Brent markets have been back and forth as well, using the $60 level as support. It’s a little bit more clear over here as to where we could go next. If we break down below the $60 level on a daily close, then I believe that Brent is very likely to break down towards the $55 handle. Alternately, I do see a lot of resistance near the $65 level, as there are a couple of EMA indicators there, and of course quite a bit of resistance in the past. If we break above the $67 level, then it’s possible that the Brent market could go looking towards the $70 level after that.

I expect to see a lot of volatility and choppiness, but it’s probably easier to trade this market from a shorter time frame. That being said, a break down below the $60 level is probably more likely for longer-term traders to be involved with.

Please let us know what you think in the comments below

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