Monday, July 30, 2018

USOIL - 31 July 2018


Fundamental Highlights

Crude oil broke above $70.00 a barrel yesterday to test the $70.40 resistance level, before it recovered back towards the $69.60 support level as worries about global supply continue to underpin oil prices but support is partially offset by lowered tension about global trade war.

Technical Analysis

Crude oil broke above the $69.67 and the $70.10 resistance levels and is currently holding above the $69.60 where it found support after retreating from overbought conditions. Whenever the momentum comes back, we will focus on the $71 resistance level.

Support: 67.72 66.88
Resistance: 69.30 70.80

Chart (H1)