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Oil Prices Rebound Due to Continuously Declining Inventories
Summary:
During the day, traders can buy low and sell high in the oscillation range of 80.5-82.5.
PENDING
82.500
ENTRY
80.500
TGT
83.500
SL
63.019 +2.396 +3.95%
--
Point
PENDING
80.500
TGT
CLOSING
82.500
ENTRY
83.500
SL
Fundamentals
During the Asian session on Thursday (July 18), WTI crude oil fluctuated in a narrow range and is currently trading around 82.0.
Yesterday evening, the weekly data released by the EIA showed that crude oil inventories continued to decline, but inventories of gasoline and diesel significantly increased more than expected, which had an offsetting effect on crude oil depots. After the data was released, investors weighed it in. Oil prices retreated briefly before another rebound. Yesterday, on the backdrop of the seasonal decline in US oil stocks and the continuous decline in Cushing inventories, the Russian Ministry of Energy proposed to extend the gasoline export ban until September and October. This has led investors to worry about the gap between supply and demand during the peak season again. In the end, the market pushed oil prices higher. At present, the peak season demand expectation of oil prices is still the biggest factor supporting the market. However, there is limited upside in oil prices until expectations materialize. As a result, oil prices remain in the oscillation pattern in a wide range for now.
Technical Analysis
Yesterday, oil prices closed a bullish piercing candle, standing above 80. In the short term, oil prices may turn from bearish to bullish, as a bull candle has covered three bear candles, which is a signal of a strong reversal. We should focus on resistance at 82.5 and 83.8. Considering that the bullish momentum at the 1-hour level was fully released yesterday, which may be coming to an end, oil prices will show an oscillation pattern in the short term. In addition, the MACD has also entered the overbought area, with a likely death cross approaching. Therefore, it is not recommended for traders to chase the uptrend in the short term. During the day, oil prices may have a 1-hour level pullback, and the support is expected to be at 81.2, 80.5, and 79.5.
Trading Recommendations
Trading Direction: Sell
Entry Price: 82.50
Target Price: 80.50
Stop Loss: 83.50
Support: 80.50/79.50
Resistance: 82.50/83.80
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You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
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