Crude Oil hit Major Resistance, 10% Down until early August

7 TemIn my latest analysis of the Crude Oil Futures ( CL1! ) market, I've identified key medium-term resistance and support levels. The resistance at $84.30 was ideal for a short position, with a trailing-stop set at $83.80 to manage risk. My target for this short position is $74.50, suggesting a significant profit potential of over 10%. Considering that most significant downtrends in oil take about 20 days, I expect the price to reach $74.50 around the end of July or early August.

I also noticed consolidation zones between $82.00 and $77.00, which may cause temporary price consolidation. The medium-term support at $74.50 is crucial for considering a long position, indicating a possible upward reversal.

My strategy is to short at $84.30 (already done) with a stop-loss at $83.80 (to minimize losses) and aim for a profit at $74.50, while closely monitoring the consolidation zones for any signs of price stalling or reversal. If all goes according my plan, I also might consider a long position at around $74.

What is your take on OIL for the next month?

7 Tem

Yorum

Currently, Storm Beryl is moving towards the coast and is expected to make landfall in just a few hours, likely reaching the central Texas coast. After crossing the Yucatán Peninsula, Beryl has weakened to a tropical storm but is expected to strengthen to a Category 2 hurricane with wind speeds of up to 85 mph over the warm waters before making landfall.

The storm is not expected to cause significant damage to most oil rigs and infrastructure, as its path will take it west of them. This was known and considered in the analysis. The focus is on the Texas coast, where dangerous storm surges, heavy rain, and significant flooding are anticipated.

Additionally, some ports and civil infrastructure might be closed on Monday, including colleges and the zoo in Houston. Trash collection services may also be delayed. While these port closures may cause some short-term delays in oil-related deliveries, I do not expect the storm to cause significant damage and thus only minor effects, if at all, on the oil price, since it was already known ahead of the analysis that Beryl would make landfall in this area.

8 Tem

İşlem aktif

MA50 has been broken, next stop minor consolidation between $82-80. first profit has been taken at $82.82. expect further selling pressure. next profit taking at ~$80.

22 Tem

Yorum

perfectly on track to hit the medium support line at @~$74 until early August