Tuesday, June 11, 2019

USOIL - 11 June 2019


Fundamental Highlights

WTI is on the rise this morning after being dragged down a little bit during yesterday late session. Latest reports from the International Atomic Energy Agency confirmed increasing production of enriched uranium at Iran that follows the nation’s previous announcement to suspend some of the previous nuclear commitments due to the US sanctions. Additionally, Iran’s Foreign Minister Mohammad Javad Zarif warned that the US cannot 'expect to stay safe' while a German diplomat visited Tehran to diffuse the US-Iran tension. Furthermore, the greenback has also started witnessing pullback off-late which in turn favors the recovery of the black gold. Traders now await API crude inventory data to determine near-term trade direction.

Technical Analysis

Crude prices fell down a little bit during yesterday’s session after loosing traction on the momentum, however, a recovery has begun during today’s early session erasing half of the losses. The price is currently struggling with the $53.89 resistance level but the RSI points towards an upward move. We will keep focusing on the upside with the $55.06 resistance level on our watch.

Support: 53.89 / 53.26
Resistance: 54.42/ 55.06

Chart (H4)