Our updated chart on WTI CRUDE OIL shows that the corerctyion is probably incomplete and the oirce under it's previous support/ now Resistance at 73.54
According to Reuters, Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
In the meantime, U.S. energy firms added oil and natural gas rigs for a second week in a row as oil prices recently rose to their highest since Oct. 2018, prompting some drillers to return to the well pad. Clearly the intention of the US is to control prices, with CPI tomorrow going to be crucial data for what happens next with the US dollar.
On the other hand, last week, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, failed to reach an agreement to increase output from August while Saudi Arabia, the world's top crude oil exporter, will supply full contractual volumes of August-loading crude to at least five Asian countries but has turned down two of the buyers' requests for extra barrels....
In other words, the price is expected to keep being volatile but our charts suggest a short position unless it breaches over this crucial new resistance (73,54$).
the FXPROFESSOR
According to Reuters, Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
In the meantime, U.S. energy firms added oil and natural gas rigs for a second week in a row as oil prices recently rose to their highest since Oct. 2018, prompting some drillers to return to the well pad. Clearly the intention of the US is to control prices, with CPI tomorrow going to be crucial data for what happens next with the US dollar.
On the other hand, last week, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, failed to reach an agreement to increase output from August while Saudi Arabia, the world's top crude oil exporter, will supply full contractual volumes of August-loading crude to at least five Asian countries but has turned down two of the buyers' requests for extra barrels....
In other words, the price is expected to keep being volatile but our charts suggest a short position unless it breaches over this crucial new resistance (73,54$).
the FXPROFESSOR
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