Market Review

WTI Crude Oil: general analysis

Current trend

Oil continues to trade within an upward trend. The nearest important resistance level is at 8/8 Murrey or 59.37, support is at 6/8 Murrey or 57.81.

The demand for "black gold" is caused by statistics on stocks in the US, which fell by 3.86 million barrels against the forecast of +2.66 last week. The second positive moment was a decrease in gasoline reserves by 4.62 million, which significantly exceeded expectations by 2.53 million. On the other hand, data published by OPEC indicate a possible reduction in aggregate energy demand in 2019. It is expected that it will not exceed 30.46 million barrels per day, which is 130,000 lower than the previous forecast. If such a scenario is implemented, then it is possible that the cartel may further extend the agreement to reduce production. This decision will be discussed at the next OPEC meeting in July. It also became known that the supply of energy from Venezuela is also falling. Thus, the forecast for the instrument remains positive.

Support and resistance

Stochastic is at 74 points and signals that a correction is possible.

Resistance levels: 59.00, 59.37.

Support levels: 58.50, 57.81.

Trading tips

Long positions can be opened from the level of 57.81 with the target at 59.37 and stop loss 57.50.

Scenario

Timeframe Intraday
Recommendation BUY LIMIT
Entry Point 57.81
Take Profit 59.37
Stop Loss 57.50
Key Levels 57.81, 58.50, 59.00, 59.37

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