Crude Oil reversed from its highs of last week near $40.7, almost closing the gap. The chart rallied up to its 50% retracement level ($40.7) of the recent major decline and is now pointing downward. Possible next retracement levels are: 78.6% ($35.39), 61.8% ($31.14), and 50% level at $28.7. MACD is forming a top; RSI is pointing downward.
Fundamentals are bearish: Supply cuts have been confirmed by OPEC+ last week, but only through July, which is a short-term measure. Inventories showed a build of 5.7 Mb for the week of June 5 (EIA report). Lack of demand is a major concern to investors, although production is slowing down. Supply is still ahead of demand.
Fundamentals are bearish: Supply cuts have been confirmed by OPEC+ last week, but only through July, which is a short-term measure. Inventories showed a build of 5.7 Mb for the week of June 5 (EIA report). Lack of demand is a major concern to investors, although production is slowing down. Supply is still ahead of demand.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.