Taking a short-term view, the oil market feels delicately poised and what happens over the next 24-48 hours could be very telling for the near-term passage of play.
After a near 14% rally from the 4 June lows, which took price through the May range highs of $80.91, and after a huge bullish position adjustment in both Brent and WTI futures, we’ve seen price pull back to test this former breakout point – if crude now kicks higher, confirming the bulls are happy to support, it would suggest the bulls have a platform to take this back above $82.16 (21 June high) for a possible trend higher, where pullbacks should be shallow and a move into $84.87, even $86.00/20 would be our targeted play.
Conversely, a failure to hold $80.91 would suggest a change in the market structure and alter the skew in the distribution to one where we see higher probabilities of a move back towards $78.50, even $76.00
After a near 14% rally from the 4 June lows, which took price through the May range highs of $80.91, and after a huge bullish position adjustment in both Brent and WTI futures, we’ve seen price pull back to test this former breakout point – if crude now kicks higher, confirming the bulls are happy to support, it would suggest the bulls have a platform to take this back above $82.16 (21 June high) for a possible trend higher, where pullbacks should be shallow and a move into $84.87, even $86.00/20 would be our targeted play.
Conversely, a failure to hold $80.91 would suggest a change in the market structure and alter the skew in the distribution to one where we see higher probabilities of a move back towards $78.50, even $76.00
Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。