Friday, June 7, 2019

USOIL - 07 June 2019

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Fundamental Highlights

Lack of energy-linked data pushed crude towards taking advantage of the greenback’s weakness on Thursday while giving less importance to previous increases in the US stockpiles data. Adding to the optimism could be the statements from the International Monetary Fund Director Christine Lagarde who sees no global recession ahead. Investors now await the employment data from the US, which is expected to print softer, in search of clarifying latest doubts over the Fed’s rate cut. Furthermore, the weekly release of Baker Hughes oil rig count for the US may offer resource data to predict near-term WTI moves.

Technical Analysis

Crude prices edged higher during yesterday's and today's morning session as they headed as expected towards the $53.26 resistance level. The price is currently still holding on that level with an increasing momentum as we can see on the RSI chart. The price seems more likely to continue with its recovery and the level we will be watching is the $54.42 resistance level.

Support: 53.26 / 52.50
Resistance: 53.89 / 54.42

Chart (H4)
USOIL