Crude Oil is Bullish despite of choppy price action seen
DOE crude oil inventories -2077K vs 3000K estimate as disclosed by weekly Department of Energy inventory data on 3 Jun 2020. It is the first time of the negative inventory level from the Covid19 pandemic.
With the upcoming economic data released in US session on two last weekdays, we expect Crude oil July futures to retest the level of 38$ again, even break further to 4x$.
Further upside is expected although we prefer to set longs at our bespoke support levels at 34.40 (Fibo 23.6), resulting in improved risk/reward.
We look to Buy at 34.40
⛔️Stop: 33.30
🎯Target1: 38.00
🎯Target2: 39.00
With the upcoming economic data released in US session on two last weekdays, we expect Crude oil July futures to retest the level of 38$ again, even break further to 4x$.
Further upside is expected although we prefer to set longs at our bespoke support levels at 34.40 (Fibo 23.6), resulting in improved risk/reward.
We look to Buy at 34.40
⛔️Stop: 33.30
🎯Target1: 38.00
🎯Target2: 39.00