Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- Crude Oil Daily Outlook

Crude oil gained above $70 due to fed rate cuts and geo-political tension. It hit a low of  $68.48 and is currently trading around $69.03.

 

According to the EIA, crude inventories fell by 1.6 million bbl to 417.50 million barrels compared to a forecast of  -0.20 M. Markets eye Israel and Hezbollah conflict for further direction.

 

US dollar index - Bearish

 

US treasury yield-  bearish (positive for commodity market).

 

Major resistance- $70.90. Any breach above will take the commodity to next level $71.37/$71.70/$72.80/$73.20. Major trend reversal only above $78.

 

The near-term support is around $68, any violation below targets %67/$65.

 

Indicators (4- hour chart)

 

ADX- Bearish

 

CCI (50) - Bullish

 

 CCI (14)- Bullish

 

It is good to buy on dips around $70 with SL around $69 for TP of $73.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.