Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
WTI Brent Crude Oil

West Texas Intermediate

The WTI Crude Oil market fell a bit during the course of the week, as we continue to see a lot of noise in general. The negative candle for the week does not suggest much though, because quite frankly it is still well within the range of the last several weeks, so I think we will simply grind sideways more than anything else. Having said that, if we were to break down below the 20 week EMA underneath, then we probably could drop down to $35, possibly even $30. On the other hand, we break above the 50 week EMA, then we are probably going to the $49 level. Short-term trading is preferred at the moment though.


WTI Oil Video 03.08.20


Brent markets went back and forth during the course of the week to form a bit of a bullish candlestick, counteracting the shooting star from the previous week. With that being the case, it is likely that we are going to be stuck in a range between $45 and the 20 week EMA underneath. Short-term trading back-and-forth continues to work, and it probably will be the case for some time. Ultimately, the volatility is going to pick up and is going to continue to be very noisy. That being the case, we do not quite have the argument for a longer-term trade yet, but if we break significantly above the $45 level then it is time to start buying. If we break down below the 20 week EMA, then it is time to start selling.

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

75% of retail CFD investors lose money

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

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.