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Christopher Lewis
WTI Crude Oil Brent

WTI Crude Oil

The West Texas Intermediate Crude Oil market had a choppy week, but ultimately settled on reasonable bullish intent on Friday as the daily candlestick ended up forming a bit of a hammer. That of course is a good sign, as we have tested the same resistance above more than once. This looks like a market that is hell-bent on trying to break out, as there is a confluence of resistance above, but oil simply will not give up with that in mind, I think it is a good sign for not only this market, but for the Brent market as it has further to go.

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WTI Oil Video 13.07.20

Brent

Brent markets have rallied on Friday to finish out the week strong, as it looks like we are trying to reach the top of the gap yet again. If that is going to be the case, then it is likely that the market will see a lot of noisy trading in general. At the very least, I would anticipate that the Brent market will try to fill the gap, but we could even go further depending on what happens with the US dollar. In the short term I think it is easier to buy dips than anything else, but I would not be looking for “homeruns” at this point. After all, there are plenty of headlines out there that could suggest less demand going forward, so this is not necessarily going to be the easiest of trades. That being said, it is obvious that the buyers continue to step in.

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

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