Crude oil is setting up for the rebound
Crude oil consolidates around the support area of $82. It was holding steady during the publication of the latest deflationary CPI print (inflation was weaker than expected in the US in June), indicating a robust supply and demand situation: the demand is pretty solid amid weakening inventories for 0.5 million barrels per day.
On Friday, oil dropped after President Biden's comments about the ceasefire framework between Israel and Hamas, but that looks like a technical rebound.
The $82 area is the area of intraday support and the lower side of the trading range.
The price move of $1.5 - 2 above is a realistic scenario.
Support your entry with a confirmation - for example, a candlestick pattern or something similar.
Do your own research and don't forget to manage risk at all times!
On Friday, oil dropped after President Biden's comments about the ceasefire framework between Israel and Hamas, but that looks like a technical rebound.
The $82 area is the area of intraday support and the lower side of the trading range.
The price move of $1.5 - 2 above is a realistic scenario.
Support your entry with a confirmation - for example, a candlestick pattern or something similar.
Do your own research and don't forget to manage risk at all times!
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