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Christopher Lewis
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Brent and WTI Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the week to pierce the top of the ascending triangle, but at the end of the week we are struggling to continue going higher. I think will continue to see a lot of choppy behavior, but in more of an upward tilt than anything else. With that being the case, I think it is only a matter of time before we break towards the upside, based mainly upon the idea of more demand down the road. There was a little bit of a pullback, perhaps based upon the jobs report but all things being equal we should continue to find buyers on dips.

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WTI Oil Video 10.05.21

Brent

Brent markets rallied as well but found the $70 level to be a bit too much to overcome. With that being the case, the market is likely to try to break out to the upside but there is a lot of noise in the short term that will continue to cause some issues. I have no interest in shorting this market, and it is obvious that we have a major uptrend line that the market is paying close attention to. Ultimately, I do think that we will find buyers to reach towards the $70 level, which is a large, round, psychologically significant figure. If we can break above there, then the overall attitude of the market should continue to be bullish. I have no interest in shorting this market anytime soon, because it seems like it just will not rollover.

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