Overall view of XTIUSD or Crude Oil - Update of July 8th

Oil settled at the resistance zone by testing the institutional level of @60.000. The EIA inventory report showed a massive cut of 12M barrels last week while Russia and China agreed to extend their cuts on a 9-months span. The strong pullback from Friday June 28th had a follow-through on July 2th costing the commodity a 4.89% loss of its value. Afterwards oil showed a little bullish momentum pushing prices upward. Odds of a bull rally are increasing, however we are still in a consolidation phase.

Possible targets: @60.000 (+2300pips or 2.30$ per barrel).

Advice: Stay bullish and buy at any low point while we don't break the @56.000 bottom level or await a buying confirmation.

Comment:

We are soon reaching the target (@60.000). Oil is about to enter the resistance area where it might be subjected to some pressure.

Trade closed: target reached:

Target reached!