As mentioned in my yesterday analysis 62.0x has played a pivotal role in the price action. After a reversion at that level, we have had a drop to the 61 price range.
Thanks to an anticipation of the coming data and a surprising decrease of over 3 million barrels the target I mentioned of 62.3x was quite exactly reached during the US session.
A rejection of that level has created an opportunity to gain velocity to the downside.
After a drop, we can expect a compression area around the 61.5x-61.6x waiting for more volume to move further.
The next major support resides in the 61.0x price range. A pullback at that level can be anticipated as very likely.
A penetration below 61 can open the way to the 60 price range.
Note
A pullback to 61.72 was an opportunity to add on the Short positionTrade closed manually
All positions close@ 61.44. China is claiming the right to buy oil from Iran, EU is rejecting Iran ultimatum on uranium. That very conflicting background suggests waiting for a new impetus.
Trade closed: target reached
New Short @62.1x reached target @61.03. The structure has changed
Waiting for a pullback on the 61.4x area
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Related publications
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.