$74 could be pivotal for WTI over the near term
Commodities were broadly lower yesterday with the CRB index falling to a 4-day low. Geopolitical tensions are rising following Russia’s decision to back out of a key grain deal which allowed Ukraine to export grain through the Black Sea. Weak data from China and news that Libya will restart oil production also saw WTI fall for a second day.
What has caught our eye is that WTI played very nicely with its round numbers yesterday, printing the high of the day at $76, a lower high at $75 and lows around $74. It is also considering the break of a trendline, although unless volatility picks up it runs the risk of moving sideways through it (which is not in the spirit of a trendline break).
Still, $74 appears to be a pivotal level over the near-term. And if prices print a minor bounce, we’d still consider shorts below $75 with a view for it to trade to $73. Take note that it is contract expiration today so we may see spills of undesirable volatility, but overall we want to see which way momentum takes this market next.
What has caught our eye is that WTI played very nicely with its round numbers yesterday, printing the high of the day at $76, a lower high at $75 and lows around $74. It is also considering the break of a trendline, although unless volatility picks up it runs the risk of moving sideways through it (which is not in the spirit of a trendline break).
Still, $74 appears to be a pivotal level over the near-term. And if prices print a minor bounce, we’d still consider shorts below $75 with a view for it to trade to $73. Take note that it is contract expiration today so we may see spills of undesirable volatility, but overall we want to see which way momentum takes this market next.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.