Tuesday, August 7, 2018

US OIL - 08 August 2018


Fundamental Highlights

After coming within a touching distance of the critical $70 mark on Tuesday, prices erased the majority of gains but still remained above the $69 level. Despite the weekly API data showing a larger than expected draw in the US crude inventories by 6M barrels, Crude still can't find the right momentum in the short term to break the recent highs.

Technical Analysis

Crude prices keep on being denied by the $69.80 resistance level despite a strong momentum. A break above these levels seems to be unlikely in the near future from a technical point of view, so we are going to expect a continuation of sideways trading while watching the support and resistance levels.

Support: 67.64 67.02
Resistance: 68.64 69.15

Chart (H1)