More Fed Speak and a Bear Flag (Crude Oil)
Crude Oil (March)
Yesterday’s close: Settled at 77.14, up 3.03
Fundamentals: Crude Oil roared higher yesterday, catching tremendous momentum after holding a critical area of technical support. News that Saudi Arabia raised prices on March loadings to Asia for the first time in six months certainly helped spark a buying spree. The focus will shift domestically to the weekly inventory report. Analysts’ expectations are for +2.457 mb Crude, +1.271 mb of Gasoline, and +0.97 mb Distillates. Refinery Utilization w/w is expected to snap back sharply at +0.7% from -0.4% last week.
Technicals: Price action has roared back, testing into major three-star resistance at 77.90-78.25, aligning multiple indicators with a pocket in which downside volatility began last week. Yesterday, Crude settled out above significant resistance at 76.15-76.59, re-shifting momentum back to the bulls, this level is now support. The bulls will continue to hold a decisive edge while price action is out above first key support at ... Click here to get our (FULL) daily reports emailed to you!
Bias:
Resistance:
Pivot:
Support:
Our daily research overs the S&P, NQ, Crude Oil, Gold, Silver, Currencies, Corn, Soybeans, Wheat, Livestock, and Softs markets. SIGN UP FOR A FREE TRIAL. YOU KNOW WHERE TO GO! Visit us at www.bluelinefutures.com
Please do not hesitate to contact us with any questions on the markets, trading, or opening an account
Info@BlueLineFutures.com
312-278-0500
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
On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
