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

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Crude Oil Markets Killing Time
By: Christopher Lewis | July 27, 2021

• The crude oil markets have gone sideways during the trading session on Tuesday as we await some type of significant move.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done almost nothing during the trading session on Tuesday as the market is trying to figure out where it goes next. We are sitting just above the 50 day EMA, then it is likely that we could continue to go higher, perhaps reaching towards the $75 level. If we can break above there, then we can continue the overall uptrend, but at this point in time I think we probably have some work to do. The $70 level should be supportive, as it is a large, round, psychologically significant figure and of course the 50 day EMA is slicing right through it.

With that being said, I like the idea of buying short-term pullbacks as the uptrend should continue to push this market higher. In general, this is a marketplace that I think will be noisy but definitely bullish. If the US dollar starts to fall a bit, it is likely that the oil markets will move in the opposite direction.

Brent

Brent markets were positive during the trading session, as we continue to grind towards the $75 level. The $75 level is of course a large, round, psychologically significant figure, and it could offer a little bit of resistance. Pullbacks at this point in time could see this market looking for pullbacks in order to get long again as value should come into the picture. However, if we were to break down below the 50 day EMA, that could be a very negative turn of events and send this market towards the $67.50 level. With that, I remain bullish, but I also recognize that we may get the occasional short-term pullback.

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