Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Crude Oil Price- May 22, 2014

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

The WTI Crude Oil markets gapped at the open on Wednesday, clearing the $103 level and extending the move to the $104 level. With that, it appears that we are going to press up against the $105 level given enough time, and then probably breakout. Any pullback at this point time would be a buying opportunities far as I can tell, especially considering we now have that gap which is centered around the $103 level, an area that has both been resistance and support in the past. In other words, there are a lot of traders interested in that area.

I believe that a break above the $105 level is in fact coming, and as soon as we get that we should continue on to the $110 level. That being the case, the market appears that it is going to be rather bullish, and therefore any pullback at this point time for me is simply a momentum building exercise.

Plenty of headlines out there.

With inventories came back in the United States, and reports that Russian soldiers are still on the border with the Ukraine, it’s hard for me to believe that the oil markets will continue to be bullish overall. Because of this, I feel that there’s no way to short this market, at least not until the economic situation as well as the geopolitical situation both change. Until that happens, I am a “buy only” mode.

I think that a pullback from here is going to find plenty of support at the $103 level, the $101 level, and the $99 level, followed by the $97 level. In fact, it really isn’t until we get below the $97 level that I can even fathom shorting this market with any type of comfort. I think that most of the market probably feels the same way, and there is still the possibility of and ascending triangle being formed at this moment. With all those things above, it’s really difficult for me thinking anything more than that this market is going to go much, much higher over the course of the summer.

Crude Oil 52214

Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

Most Visited Forex Broker Reviews