Sunday, August 5, 2018

US OIL - 06 August 2018


Fundamental Highlights

Crude oil prices are catching some lift in this week's early trading, with WTI barrel prices pushing over the $68.75 level as Saudi output begins to slide while US drilling efforts stall.

Technical Analysis
It looks like Oil is picking up momentum again and is ready to break above the $69.15 level to reach the $69.70 resistance. If this scenario was to happen. we would need an hourly candle close above 69.15 as a confirmation of further upside potential.

Support: 67.64 67.02
Resistance: 68.64 69.15

Chart (H1)