Morning Report for Crude Oil Futures for September Settlement Closing over daily basis below the 200 SMA and 94.60 hinted more bearishness, indeed the commodity fell to achieve our target at 92.00 and trade just around the 52 week SMA and the long term trend line(colored in black) as shown in image. The current technical barriers are important to oil direction in the upcoming period in addition to 90.00 pivot. Therefore, due to the good risk-reward ratio we expect a rebound from current levels supported by the mentioned technical barriers.Trading range for the day is among the major support at 89.60 and the major resistance at 95.00.The short term trend is to the downside with steady daily closing below 105.00, targeting 87.00. Previous Report Weekly Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.