Overall view of XTIUSD or Crude Oil - Week of July 1st update
Updated
Oil settled at the resistance zone by testing the institutional level of @60.000. The EIA inventory report showed a massive cut of 12M barrels last week while Russia and China agreed to extend their cuts on a 9-months span. Prices remain bullish and we might expect a bullish continuation : However a strong pullback from Friday June 28th exalts us to remain neutral, awaiting a confirmation. Thus odds of a trend continuation are medium.
Possible targets: @55.000 (+2000pips or 2.00$ per barrel) if bearish or @63.000 (+3000pips or 3.00$ per barrel) if bullish.
Advice: Stay bullish and buy at any low point while we don't break the @55.000 bottom level or await a confirmation.
Possible targets: @55.000 (+2000pips or 2.00$ per barrel) if bearish or @63.000 (+3000pips or 3.00$ per barrel) if bullish.
Advice: Stay bullish and buy at any low point while we don't break the @55.000 bottom level or await a confirmation.
Note
After strong rejections at the resistance zone, oil turned bearish. @55.000 is more likely to be tested.Note
Oil is consolidating and keeps a bearish pressure.
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