Wednesday, April 24, 2019

USOIL - 24 April 2019


Fundamental Highlights

Crude oil prices gained traction on Tuesday after the US announced that it would not reissue waivers for Iranian oil imports and the barrel of West Texas Intermediate rose above the $66 mark for the first time since late October of 2018. However, the WTI retraced its daily rally and turned flat on the day near $65.75 after reports of Saudi Arabia looking to ramp up its output with an aim to keep the oil market balanced following the US action. On top of that, US API weekly Crude oil stock increased to 6.9M in April 19 from previous -3.096M.

Technical Analysis

Crude oil prices printed new highs at $66.58 per barrel after gaining some traction during yesterday's session then retreated towards the $66 level. The price is currently hovering just above the $66 level with some divergence between the price and the momentum that points towards a move to the downside. On this note we will be focusing on near support levels starting with the $65.44 level.

Support: 65.95/ 65.44
Resistance: 66.69/ 67.72

Chart (H4)