Crude's Big Base
Crude Oil (September)
Last week’s close: Settled at 76.84, up 0.65 on Friday and 3.32 on the week
Crude Oil futures are higher by about 1% as geopolitical tensions in the Middle East run hot and Israel prepares for an attack by Iran. Inflation data from China Thursday night was also stronger than expected, and there seems to be positive momentum amid such a narrative, and we brace for data on New Loans overnight tonight.
Price action in WTI Crude Oil futures finished last week strong, clearing previous resistance, which now creates two areas of major three-star support. The first aligns previous resistance with Thursday’s high at 76.40-76.52. The second is a potential floor aligning with Wednesday’s volume spike and Friday’s low 75.84-75.95. Ultimately, we will be watching our Pivot and point of balance closely, and continued action above this level at 76.84-76.87, will encourage a test towards $80.
Bias: Neutral/Bullish
Resistance: 77.63***, 78.88-79.03**, 80.76**, 81.30***
Pivot: 76.84-76.87
Support: 76.40-76.52***, 75.84-75.95***, 75.12-75.27***, 74.45-74.60**, 73.96**, 73.46-73.56**, 72.74-72.94***, 72.23-72.42***, 70.703**, 70.00***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Last week’s close: Settled at 76.84, up 0.65 on Friday and 3.32 on the week
Crude Oil futures are higher by about 1% as geopolitical tensions in the Middle East run hot and Israel prepares for an attack by Iran. Inflation data from China Thursday night was also stronger than expected, and there seems to be positive momentum amid such a narrative, and we brace for data on New Loans overnight tonight.
Price action in WTI Crude Oil futures finished last week strong, clearing previous resistance, which now creates two areas of major three-star support. The first aligns previous resistance with Thursday’s high at 76.40-76.52. The second is a potential floor aligning with Wednesday’s volume spike and Friday’s low 75.84-75.95. Ultimately, we will be watching our Pivot and point of balance closely, and continued action above this level at 76.84-76.87, will encourage a test towards $80.
Bias: Neutral/Bullish
Resistance: 77.63***, 78.88-79.03**, 80.76**, 81.30***
Pivot: 76.84-76.87
Support: 76.40-76.52***, 75.84-75.95***, 75.12-75.27***, 74.45-74.60**, 73.96**, 73.46-73.56**, 72.74-72.94***, 72.23-72.42***, 70.703**, 70.00***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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