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Commodity Review – Crude Oil
CL – Crude Oil Futures
Crude Oil has been smacked down off the highs around 66.00 in a move that is overextended at current levels. We are now watching for buyers to step in to build the base for continuation higher. Longer term expectations are for price to push through 66.68 highs towards 75.00 but bulls will need to make a stand now to to build the base of support for a move back up. If the higher low plays out then that is the confirmation we need to look for opportunity into the energy sector. If we see a push lower from here, expect a lower high to pressure price down to the 51.35 zone.
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Index Code : CL – Crude Oil Futures
Current Price : 58.22
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Crude Oil Futures Price
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Alert History
Previous Alert 13/11/19
Commodity Review – Crude Oil
CL – Crude Oil Futures
Crude Oil has been feeling the pressure of an extended trade war between the US and China for some time now as traders grapple with the outlook for demand. OPEC and Oil producing nations have been supportive of price by cutting production but it has done little to support long term buyers. We see now early signs that the sector is gaining support but has not yet confirmed on the longer term price action. Crude Oil (first Chart below) is holding key higher levels and looking to break up and out of the current contraction if a phase 1 deal finally gets signed and the outlook for the end of a trade war looks rosier. We see the same evidence in the energy sector (XEJ – 2nd chart below) on the ASX as higher levels are supported. We are now watching individual stocks for buy entry setups but it will all be dependent on trade so caution is the key for now. If sentiment for a deal improves, then we will see in the charts.
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Index Code : CL – Crude Oil Futures
Current Price : 56.80
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Crude Oil Futures Price
Energy Sector XEJ
