WTI Crude Oil
The West Texas Intermediate Crude Oil market went back and forth during the week, showing signs of exacerbation in both directions. At this point, it looks as if we are trying to test the major downtrend line, and if we can break above the top of the weekly candle stick it’s likely that we are going to go to the $60 level, perhaps even the $62.50 level. Alternately, if we were to break down below the weekly candle stick then we can probably go down towards the $50 level. A break down below there opens up the door to the $45 level. Either way, it’s a very explosive move just waiting to happen.
Crude Oil Inventories Video 09.09.19
Brent markets of course look the same, showing signs of volatility yet again. At this point though, if we can break above the top of the candle stick it means that we have sliced through the downtrend line but pulled back underneath. If we do break above the top of the weekly candle stick it’s likely that we could go looking towards the $65.50 level. Expect a lot of resistance at that area. If we break down below here and sliced through the bottom of the candle stick for the week, then we will be looking at the $55 level as a target and then potentially the $50 level after that. Expect a lot of volatility and a lot of noise, but at this point we are winding the market up to try to make it an explosive move.
This article was originally posted on FX Empire
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