Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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Crude Oil Markets Stabilize
By: Christopher Lewis | July 20, 2021

• The crude oil markets have stabilized a bit during the course of the trading session on Tuesday, which is the first step to a potential recovery.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has dropped towards the $65 level underneath which of course is an area that would attract a certain amount of psychological importance. The candlestick suggests that we are stabilizing, but that is not enough to get me going long of this market. With that being the case, the market is likely to see a lot of choppy behavior, but if we were to break down below the bottom of the candlestick for the trading session, that would be negative and send the contract down towards the $62 level. On the other hand, if we turn around and break above the top of the candlestick for the trading session on Tuesday, then we may go looking towards the 50 day EMA.

Brent

Brent markets went back and forth during the course of the trading session on Tuesday as we are hanging around the $69 level. The $69 level is trying to establish some type of stability, with the $70 level just above it offers resistance. If we can break above the $70 level, then it is possible that we may go looking towards the 50 day EMA. On the other hand, if we break down below the bottom of the candlestick for the trading session on Tuesday, then it is likely that we continue to go much lower. At that point I would anticipate the $65 level being targeted and then possibly even the 200 day EMA which is currently just below the $62.50 level. Regardless, I think we are going to continue to have a lot of noise in general.

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