Overall view of WTI Crude Oil - Analysis of August 12th's week

Fundamental: International-Brent crude oil futures closed higher on Friday despite an International Energy Agency report that showed demand growth dropping to its lowest level in 11 years. The IEA said global demand to May from January grew at its slowest pace since 2008, hurt by mounting signs of an economic slowdown and a ramping up of the U.S.-China trade dispute. Buyers instead were motivated by Euroilstock data that showed total crude and product inventories of 16 European nations in July were slightly lower than in June. Likewise, the commodity is strongly correlated to the US dollar index which showed lately a bear spike and increased odds of oil soaring.

Technical: the energy commodity settled several times at the demand level forming a head and shoulder formation (or Triple bottom). An increase of traded volume coupled by a strong momentum made oil increased 7.42%. USOIL began a bullish trend and will attempt a breakout of the supply level.

advice: Stay bullish and buy any low points while we don'T break downside 51.000. The target should be set at 60.000 or higher.

Dagangan aktif:

Positive trade with stop loss at breakeven.

Dagangan ditutup: hentian tercapai:

The maximum profitability was 2:1 I we were set out at 1:1.