Tactics and Analysis, July 26, 2017 – U.S. Crude Oil Rises Again
Crude Oil has seen a speculative buying spree the past day and is testing important resistance. Crude Oil Inventories will come from the U.S today and could increase volatility within the commodity.
Surge in U.S. Crude Oil This Week
U.S. Crude Oil surged in value on Wednesday and broke through important short-term resistance levels.
Your capital is at risk
The commodity is above 48.00 U.S Dollars a barrel and needs to be watched carefully by traders considering participation in the market.
U.S Crude Oil has been able to bounce off lows seen on Monday, when it was trading above 45.00 U.S Dollars a barrel. Today Crude Oil Inventories numbers will come from the U.S and will provide traders with more fireworks.
Speculation Rising in U.S. Crude Oil
Speculation has been high in U.S Crude Oil the past few months. The commodity has tested highs only to falter, and today’s value is squarely in the middle of it range.
While the Opec meetings in Russia produced no major surprises, it is clear speculators are buying U.S Crude Oil in the short-term based on the notion global economics are improving. However, the commodity definitely has further tests of values it will face down the road.
Long Term Shows Crude Oil’s Consolidation
Today’s trading in U.S Crude Oil could prove important as it tests short-term highs. A look at a long-term chart should serve as a reminder that the commodity has been in a consolidated range for a considerable amount of time.
Speculative elements may continue to seek upward movement in U.S Crude Oil with the belief it can test 49.00 U.S Dollars a barrel. However, traders who seek reversals may be tempted to sell Crude Oil with the hope the commodity will decline again.
In the short term, we believe U.S Crude Oil may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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