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Christopher Lewis
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the trading sessions that made up the week, reaching above the $41 level. At this point time though, we are getting close to the 50 week EMA, and that of course could cause a certain amount of psychological significance. All things being equal, it is not until we break above the $43.50 level that I think we can go much higher. Ultimately, I think we are looking at a market that continues to bang around between there and the $37 level, at least until we get some type of answers as to whether or not we are going to get stimulus.

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WTI Oil Video 12.10.20

Brent

Brent markets also have rallied, but also have plenty of resistance just above, and then at the $46.50 level where the 50 week EMA is. I think at this point time, the market is still somewhat range bound but it certainly favors the upside in the short term. The market breaking down below the lows of the weekly candlestick could send this market much lower, perhaps down to the $35 level, and then down towards the $30 level. At this point, this is a market that continues to be choppy in general, and I think therefore longer-term traders will struggle to hang onto a bigger position. Ultimately, I still think that there is a lot of overhead resistance, so we are probably more susceptible to downward shocks then upward spikes.

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

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