Monday, September 3, 2018

USOIL - 04 September 2018


Fundamental Highlights

Crude oil is on the rise again ahead of today's US inventories. US sanctions on Iran have started to show their effects helping lift oil prices higher. The Focus is on today and tomorrow's inventory reports which will decide whether WTI remains above the $70/bl or not.

Technical Analysis

Crude oil prices broke to the upside printing new highs and seem to settle above the $70.50 level. RSI shows strong bullish momentum signaling extreme overbought conditions are there. A simple consolidation in this area is enough to push the price higher above the $71 level and reach the $71.20 resistance level which is the level we will be focusing on today.

Support: 65.3 64.6
Resistance: 65.88 68.3

Chart (H1)