Crude Oil Futures: Extra rebound in the pipeline
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
CME Group’s flash data for crude oil futures markets noted traders added around 28.3K contracts to their open interest positions on Monday, extending further the ongoing uptrend. Volume, instead, kept the erratic activity and dropped by around 115.1K contracts following the previous daily build.
Monday’s bounce off new YTD lows in prices of the WTI was on the back of increasing open interest, which is indicative that further recovery appears favoured in the very near term. There is an interim hurdle at the 55-day SMA at $77.45, while the vicinity of the $72.00 mark per barrel emerges as a decent support zone for the time being.
[/s2If]
Join Our Telegram Group
