Long oil into resistance
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Technical bias: Smart money appears to be accumulating a position under $52 and the reaction to the pullback confirms the order block is still in place. Long to current resistance at $55 where I expect further consolidation for a push into higher prints.
Fundamental bias: Inventory numbers are low and oil demand is not expected to lower more than supply. Iranian talks, even if successful will only bring 200k to 1 million barrels a day to market by 2016 and will have little impact on actual supply.
Technical bias: Smart money appears to be accumulating a position under $52 and the reaction to the pullback confirms the order block is still in place. Long to current resistance at $55 where I expect further consolidation for a push into higher prints.
Fundamental bias: Inventory numbers are low and oil demand is not expected to lower more than supply. Iranian talks, even if successful will only bring 200k to 1 million barrels a day to market by 2016 and will have little impact on actual supply.
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