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Christopher Lewis
Crude Oil weekly chart, July 29, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the course of the week, showing signs of neutrality. The market looks very likely to continue to recognize the $55 level underneath as support. If we were to break down below that level, then we could go looking towards the $52.50 level, possibly even the $50.00 level. Alternately, if we were to break above the $57.50 level, then the market could go looking towards $60 above. All things being equal though, it’s probably more of a short-term trading environment that anything else.

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WTI Video 29.07.19

Brent

Brent markets tried to rally during the week but gave back quite a bit of the gains near the $65 level. The market showing signs of weakness at this level isn’t a huge surprise, but at this point I think we are essentially stuck in a relatively tight range. The $60 level underneath should be massive support, just as the $67.50 level above should be massive resistance. As we continue to bounce around in this area it’s easier for me to trade this from a daily time frame or perhaps even an hourly timeframe than it is the weekly timeframe. Because of this, I think that longer-term traders are probably going to be more or less on the sidelines. If we do break out of the $7.50 level, then we could get some momentum going forward, but at this point I think it’s more choppiness than anything else just waiting to happen.

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