Crude Oil (June)
Yesterday’s close: Settled 78.48, up 0.37
WTI Crude Oil futures continue the trend lower, eyeing a seventh straight lower high on today’s session. Price action must clear yesterday’s 79.09 in order to break the trend. However, we do have a well-defined range from 79.00 down to 77.91 which traded in less than five minutes yesterday upon reports Hamas accepted a ceasefire deal at negotiations in Egypt, before Israel followed saying the proposal was far from their demands. This range is being violated to the downside at the onset of U.S. hours. Regardless of geopolitics the trend has been clearly negative. Like we noted yesterday, we do see value at this range, the upper end of the consolidation before the mid-March breakout, but price action is certainly susceptible to testing 76.90-76.98, aligning with the March 12th chart gap.
The EIA will release its Short-Term Energy Outlook at 11:00 am CT today, API releases its private weekly survey at 3:30 pm CT, and tomorrow we get the EIA’s official weekly data at 9:30 am CT.
Bias: Neutral
Resistance: 79.00-79.09**, 79.49-79.63**, 79.87-79.90**, 80.31-80.44***, 81.24***, 81.57**, 81.80-81.93***
Pivot: 78.41-78.48
Support: 77.91-78.11***, 76.90-76.98***
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*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Yesterday’s close: Settled 78.48, up 0.37
WTI Crude Oil futures continue the trend lower, eyeing a seventh straight lower high on today’s session. Price action must clear yesterday’s 79.09 in order to break the trend. However, we do have a well-defined range from 79.00 down to 77.91 which traded in less than five minutes yesterday upon reports Hamas accepted a ceasefire deal at negotiations in Egypt, before Israel followed saying the proposal was far from their demands. This range is being violated to the downside at the onset of U.S. hours. Regardless of geopolitics the trend has been clearly negative. Like we noted yesterday, we do see value at this range, the upper end of the consolidation before the mid-March breakout, but price action is certainly susceptible to testing 76.90-76.98, aligning with the March 12th chart gap.
The EIA will release its Short-Term Energy Outlook at 11:00 am CT today, API releases its private weekly survey at 3:30 pm CT, and tomorrow we get the EIA’s official weekly data at 9:30 am CT.
Bias: Neutral
Resistance: 79.00-79.09**, 79.49-79.63**, 79.87-79.90**, 80.31-80.44***, 81.24***, 81.57**, 81.80-81.93***
Pivot: 78.41-78.48
Support: 77.91-78.11***, 76.90-76.98***
Sign up for a FREE trial of our daily research: bluelinefutures.com/free-trial/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.