Crude Oil (September)
Yesterday’s close: Settled at 94.70, down 1.65 on Friday and up 0.13 on the week
- Recession fears weighed on Crude Oil ahead of the weekend after poor Eurozone PMIs and given continued mass testing in China.
- Also, a bearish EIA report and Libya production coming back online added negativity to the. Libya is now seen ramping to 1.2 mbpd over the next two weeks.
- A return of geopolitical premiums after Russia attacked the Odessa, Ukraine port only one day after inking a deal to allow the traffic of exports?
- Bullish response this morning to major three-star support at 92.83-92.97, aligning with the July 6th low, creates a right shoulder of a bullish inverse head and shoulders pattern.
- Strong overhead technical resistance persists due to steep trend line from Jun 14th high.
- Look for momentum to shift with a close above the 21-dma at 99.49 today.
- Must close above major three-star resistance at 96.52-96.97 to encourage added buying.
- A bullish breakout will be secured upon a close above major three-star support at 100.57-100.74.
Bias: Neutral/Bullish
Resistance: 96.52-96.97***, 97.66-97.95**, 99.16-99.31**, 99.88-99.99**, 100.57-100.74***, 101.21-101.78***
Pivot: 96.06
Support: 95.15-95.47**, 94.23-94.57***, 92.83-92.97***, 91.66**, 90.00**, 87.56***
Yesterday’s close: Settled at 94.70, down 1.65 on Friday and up 0.13 on the week
- Recession fears weighed on Crude Oil ahead of the weekend after poor Eurozone PMIs and given continued mass testing in China.
- Also, a bearish EIA report and Libya production coming back online added negativity to the. Libya is now seen ramping to 1.2 mbpd over the next two weeks.
- A return of geopolitical premiums after Russia attacked the Odessa, Ukraine port only one day after inking a deal to allow the traffic of exports?
- Bullish response this morning to major three-star support at 92.83-92.97, aligning with the July 6th low, creates a right shoulder of a bullish inverse head and shoulders pattern.
- Strong overhead technical resistance persists due to steep trend line from Jun 14th high.
- Look for momentum to shift with a close above the 21-dma at 99.49 today.
- Must close above major three-star resistance at 96.52-96.97 to encourage added buying.
- A bullish breakout will be secured upon a close above major three-star support at 100.57-100.74.
Bias: Neutral/Bullish
Resistance: 96.52-96.97***, 97.66-97.95**, 99.16-99.31**, 99.88-99.99**, 100.57-100.74***, 101.21-101.78***
Pivot: 96.06
Support: 95.15-95.47**, 94.23-94.57***, 92.83-92.97***, 91.66**, 90.00**, 87.56***