Sunday, September 9, 2018

USOIL - 10 September 2018


Fundamental Highlights

Crude oil is seeing some gains during Monday's session, as tensions between the US and Iran take hold, while US production sees some pressure on its own. US sanctions against Iran are due in November, while the US is also pushing close allies to eschew Iranian oil imports under threat of trade sanctions of their own. At the same time, the oil markets are getting anxious as the deadline for US action against Iran approaches, and oil traders will be looking for reasons to continue bidding prices higher.

Technical Analysis

Crude oil prices bounced off from the $67 level after after establishing a divergence with the momentum as we can see on the chart. Currently, the RSI is pointing towards bullish momentum as the price broke above the $68 resistance level. The next level we will be focusing on is the $69.10 resistance level.

Support: 65.3 64.6
Resistance: 65.88 68.3

Chart (H1)