Sell the News in Crude?
Crude Oil (August)
Yesterday’s close: Settled at 82.33, down 0.83
WTI Crude Oil futures violated the first of a series of major three-star supports early this morning at 82.04-82.46 but have so far responded to the next pocket in proximity at 81.66-81.71. Despite the constructive nature of recent price action, we are reducing our more Bullish Bias in order to see this near-term consolidation play out. While we remain bullish, at these elevated levels, we fear April’s technical resistance, a near-term 'sell the news' on Hurricane Beryl, eroding economic data, a narrative of rising production, and domestic political headwinds. The EIA’s Short-Term Energy Outlook is due at 11:00 am CT, the private API survey is released at 3:30 pm CT, and inflation data is expected from China at 8:30 pm CT.
Bias: Neutral/Bullish
Resistance: 82.82-82.86**, 83.16-83.45**, 83.69-83.88***, 84.38-84.52***, 85.27***
Pivot: 82.04-82.46***
Support: 81.66-81.71***, 80.97-81.21***, 79.90-80.18****
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*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 at 82.33, down 0.83
WTI Crude Oil futures violated the first of a series of major three-star supports early this morning at 82.04-82.46 but have so far responded to the next pocket in proximity at 81.66-81.71. Despite the constructive nature of recent price action, we are reducing our more Bullish Bias in order to see this near-term consolidation play out. While we remain bullish, at these elevated levels, we fear April’s technical resistance, a near-term 'sell the news' on Hurricane Beryl, eroding economic data, a narrative of rising production, and domestic political headwinds. The EIA’s Short-Term Energy Outlook is due at 11:00 am CT, the private API survey is released at 3:30 pm CT, and inflation data is expected from China at 8:30 pm CT.
Bias: Neutral/Bullish
Resistance: 82.82-82.86**, 83.16-83.45**, 83.69-83.88***, 84.38-84.52***, 85.27***
Pivot: 82.04-82.46***
Support: 81.66-81.71***, 80.97-81.21***, 79.90-80.18****
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.