Crude Oil Price- Feb. 19, 2014

Christopher Lewis

The WTI Crude Oil markets rose during the session on Tuesday, and in fact even managed to break out rather successfully. I have been looking at the $101.50 level as the resistance it needs to be overcome, and now I believe that the market is going to chew into the previous consolidation area from the month of October. Because of this, I fully expect this market to head towards the $104 level, and believe that short-term pullbacks will be buying opportunities in a market that has obviously turned bullish yet again.

Knowing this, I am looking to the short-term charts in order to get buy signals. Any signs of support will be bought, and quite frankly I think that a lot of day traders are going to treat this market the same way. For me, I believe that the $100 level is the “floor” in this market at the moment, and I find it very difficult to imagine this market dipping below there without some type of significant headline

Expect choppy conditions, but quite frankly I see nothing to drive prices down.

I expect choppy conditions going forward, but I not only anticipate that this market will touch the $104 level, but I also believe that we will eventually break out above that level as well. The oil markets of course should continue to be bullish, probably heading towards $110 by the time the move was said and done. While there is a lot of noise between here and there, that means the market may tickets time getting to that level. In other words, I am going to be long of this market were flat for the foreseeable future. I don’t see in the charts anything that makes me want to sell this market, and quite frankly we are on the precipice of breaking out of a “W pattern.” That of course is one of the more bullish signals you can receive. With that, I am a buyer, and not a seller as this bullish market continues to go much higher and higher.

Crude Oil 21914

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

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