Crude Oil Price- July 24, 2014

Christopher Lewis

The WTI Crude Oil markets initially gapped lower at the open on Wednesday, but as you can see found support at the $102 level in order to turn things back around and form a massively bullish candle. With that being the case, I feel that this market will continue to go higher, probably testing the $105 level. That area is of course a large, round, psychologically significant number, and it has offered resistance in the past. That being the case, I would be very interested in watching what happens and that level, as the market breaking above that level would be very bullish, probably sending us looking for the $107.50 level next, which was the recent high.

The market has been bullish over the longer term anyway, but in a very slight angle. There is a lot of choppiness that has been present over the last several months, and I don’t really see anything that’s going to change as far as that is concerned. Nonetheless, I think it’s going to be difficult to trade this market, but at this point in time I believe that this market is one that you can only buy with any confidence at all.

Short-term trades.

I believe that the market should produce short-term trades over and over, perhaps buying opportunities off of short-term charts. I believe that CFD markets could be used as well, because of the massive volatility that we see in this market sometimes, and the fact that it could be very dangerous and expensive to be involved.

It is possible that using options or even binary options in this market might be the way to go. I don’t really have any interest in selling this market, but recognize on the other hand that any pullback should be a nice buying opportunity, at least until we break down below the $99 level, which would be a massively bearish sign, and at that point in time I believe that selling pressure would increase, probably sending this market down to the $92 level, looking for that massive support area to hold the market higher.

Crude oil 72414

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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