Crude Oil May Face Resistance
Crude oil futures rallied in June, but some traders may see downside risk.
The first pattern on today’s chart is the falling trendline along the peaks of September, April and early July. These lower quarterly highs may be viewed as resistance.
Second is the level around 80.65. CL1! stalled there in early March and bounced at the same area in late March. It was a top again in late May that became support a month later. Prices have tested it this week. Is a breakdown possible?
Third, MACD has turned negative, which anticipated drops in October and late April. (See the arrows on the lower study.)
Fourth, the 21-day exponential moving average is starting to turn negative. Like MACD, this event also preceded downturns.
Finally, there could be catalysts with OPEC+ holding a ministerial meeting on August 1.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement visit https://www.TradeStation.com/DisclosureFutures.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the falling trendline along the peaks of September, April and early July. These lower quarterly highs may be viewed as resistance.
Second is the level around 80.65. CL1! stalled there in early March and bounced at the same area in late March. It was a top again in late May that became support a month later. Prices have tested it this week. Is a breakdown possible?
Third, MACD has turned negative, which anticipated drops in October and late April. (See the arrows on the lower study.)
Fourth, the 21-day exponential moving average is starting to turn negative. Like MACD, this event also preceded downturns.
Finally, there could be catalysts with OPEC+ holding a ministerial meeting on August 1.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement visit https://www.TradeStation.com/DisclosureFutures.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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