Bullish Punch on Crude Oil

6月26日

Oil prices rose slightly at the beginning of the Asian session on the surprise of excess inventories in the U.S. stockpiles. This was largely driven by the geopolitical risks of conflicts in the Middle East and the prospect of an eventual drawdown of these inventories during the third quarter, which is the time when demand increases. At the start of the European session West Texas remained +0.59% and Brent +0.52%. Natural Gas, Oil and Gasoline have also been affected by this effect.
It is possible that the market is ignoring demand concerns and anticipating the aforementioned reductions. The American Petroleum Institute (API) reported an increase of +914,000 barrels last Friday. Data from the Energy Information Administration (EIA) Crude Oil, Distillates and Oils are released today at the start of the US session. The expectation on inventories is for a possible 3 million drop over last week's data.

Looking at the chart, the WT (Ticker AT: Lcrude) shows us the development of the bullish directionality since June 3rd with a return to the mean and recovering its most traded price. If we observe the bell has a mono-bell shape and the current most traded price at the control point is located at $77.92. Currently the price is around $81.05. The RSI indicator confirms that it is at 58.95% which indicates that it is slightly overbought. If we look at the possibility of a rise according to the advance, it would not be difficult that if it exceeds the level of $87.26 it will try again to look for the resistance of the range around $97.

Ion Jauregui - Analista ActivTrades




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