Monday, July 23, 2018

USOIL - 23 July 2018

  • Dollar
  • Oil
  • US earnings' season

Fundamental Highlights

Crude oil ended Friday nearly unchanged as the market traded between the $67.72 support and the $68.88 ceiling. The fact that the price did not break above the $69 level shows a sign of weakness where the bears could take over again with a downtrend.

Technical Analysis

No clear direction for the Crude oil to predict, but one thing for sure is an explosive move is about to happen as the price range is getting tighter and tighter. A move to the upside could let us see the price trade above the $70 level. However, a move to the downside, will lead us to the $66 levels,

Support: 67.72 66.88
Resistance: 69.30 70.80

Chart (H1)