Despite ongoing concerns about oversupply and threats to demand, crude has some upward catalysts after a long bear run. Global contracts are up in the month of June, according to a report yesterday, and China's oil appetite is increasing. Also, Iran attacked a couple oil tankers and the US government appears determined to go to war in order to bolster the president's re-election prospects. These factors *could* catalyze an upward breakout, depending how the geopolitical situation shakes out.
I suspect the $54.40-54.80 resistance level will act as a magnet in coming weeks, though whether we actually push through that level depends on the news. Look for upward triangle breakout and breach of $52.96 resistance as signs that we'll head north to test the $54.40-54.80 resistance zone.
I suspect the $54.40-54.80 resistance level will act as a magnet in coming weeks, though whether we actually push through that level depends on the news. Look for upward triangle breakout and breach of $52.96 resistance as signs that we'll head north to test the $54.40-54.80 resistance zone.
Nota
Downward triangle breakout indicates continued weakness ahead for USOIL.Nota
Oil up today above first resistance, possible test of second resistance tomorrow.Nota
USOIL completed its double bottom this morning.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.