The WTI Crude Oil market has gone back and forth during the trading session on Friday, sitting just above the psychologically important $60 level. Beyond that, the market is looking at signs of exhaustion, as the Thursday candle stick also show signs of exhaustion as well. It is a shooting star, so that of course is a major negative sign. However, if we were to turn around and break above the shooting star, it’s likely that the market will probably go looking towards the $64 level above which was previous resistance.
The WTI Crude Oil market clear the $60 level during the trading session on Thursday but did stall above there as we couldn’t quite keep up the massive momentum. That being said, we gave back quite a bit of the gains and have formed a long way to the upside. If we can break above that level though, it’s very likely that this market will break out to the upside and continue to go much higher. With that being the case, I like buying short-term dips, and will use a couple of technical levels underneath to keep an eye on the uptrend.
The crude oil markets had a positive session on Wednesday, breaking above the psychologically important $60 handle. This is an area that had offered a lot of resistance previously, so as you can see the market has at least given seller something to think about.
Crude oil markets did very little during the trading session on Tuesday as we continue to dawdle around the 50 day EMA. The market is essentially stuck and doesn’t know where to go next. This makes sense as Jerome Powell will be giving his testimony in front of Congress over the next couple of days, and of course we are at a major technical level that will continue to cause both support and resistance.
The WTI Crude Oil market rallied initially during the trading session on Monday but as you can see gave back quite a bit of the gains and ended up forming a bit of a shooting star. This was preceded by hammer so this tells me that the market is needless to say a bit confused. At this point, the market looks like it is probably going to remain rather tight, which makes quite a bit of sense considering that the situation for oil is so convoluted at the moment.
The WTI Crude Oil market initially fell hard during the trading session on Friday, reaching down to the bottom yet again. We did turn around to form a bit of a hammer though and that of course is a bullish sign. That being said, we are still in the middle of a massive bearish candle that formed in just a couple of days ago. We are currently trading around the 50 day EMA, which is flat so therefore I think the market is just showing us just how undecided we are at the moment.
The WTI Crude Oil market did very little during the trading session on Thursday as you would expect, as it was the Independence Day holiday in the United States. Ultimately, this is a market that simply is waiting for the jobs number like many of the other markets out there. This recent action has been underwhelming to say the least, but as it is a holiday week followed by a jobs number announcement, volume has been a bit of an issue.
The WTI Crude Oil market had a relatively flat trading session during the day on Wednesday, initially trying to rally but then giving back the gains. This is a pretty negative sign as we had such a bearish move during Tuesday. On Tuesday, we lost roughly 5%, which of course is a significant statement. Not only did we fall, but we also broke down through the gap and the 50 day EMA. As we are below those couple of supportive levels, it makes sense that we will continue to go lower.
The WTI Crude Oil market broke down significantly during the trading session on Tuesday, slicing below the 50 day EMA. This is a very negative sign and a bit surprising considering that the market had been so bullish until this session. The OPEC deal to keep production down has been rolled over, but that doesn’t seem to be enough. With the Americans pumping out over 12 million barrels a day, there’s only so much that OPEC can do, especially considering that the global demand picture is starting to look less strong.
Oil markets were a bit tricky during the trading session on Monday as we came back to work. This would have been mainly due to the US/China trade talks progressing a bit, but the question is did it progress enough? Looking at the chart, I don’t know that the oil traders are completely convinced, as we had initially seen a very positive reaction to the idea of a loosening or at least a stagnation of trade sanctions and tariffs against the Chinese. However, we have since given that back and it looks as if we are going to form a shooting star for the end of the day. That is not a good look for the market, and it shows just how resistive we are above at the crucial $60 handle.