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****
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