Crude Oil Market Analysis:
Crude oil previously started to decline on the daily chart. Yesterday's daily chart rebounded due to the EIA crude oil inventory data. Today's crude oil strategy remains bearish. Continue selling on rebounds. There's no chance of a reversal in crude oil sales, and the data-induced rebound is only temporary. Focus on sell opportunities at 61.00 today.
Fundamental Analysis:
The alarming crude oil inventory data is supporting crude oil buying prices. Furthermore, whether Federal Reserve officials have signaled further interest rate cuts will support gold buying.
Trading Recommendations:
Crude oil - Sell around 61.00, target 58.00-56.00
Crude oil previously started to decline on the daily chart. Yesterday's daily chart rebounded due to the EIA crude oil inventory data. Today's crude oil strategy remains bearish. Continue selling on rebounds. There's no chance of a reversal in crude oil sales, and the data-induced rebound is only temporary. Focus on sell opportunities at 61.00 today.
Fundamental Analysis:
The alarming crude oil inventory data is supporting crude oil buying prices. Furthermore, whether Federal Reserve officials have signaled further interest rate cuts will support gold buying.
Trading Recommendations:
Crude oil - Sell around 61.00, target 58.00-56.00
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.