Crude Oil Weekly Analysis 14 June 2017
CHARTING
The crucial points are:
Yesterday, crude suffered losses as the monthly OPEC production report and the industry data from US where released, showing an increase in crude’s output despite a pledge to cut the output, while US industry data was positive. This growth in US, has triggered speculation that the US will increase their oil production to cover the increasing demand in industry, for energy. Furthermore, yesterday’s API weekly crude oil stock release showed that the stock has increased by +2.750 million barrels, while it was expected to be lower than -2.700 Million barrels.
Charting outcome: Neutral – Marginally bearish
INDICATORS (computerized T.A)
The crucial points are:
The indicators are signaling that a weak downtrend has occurred. The moving averages have added further bearishness in their slopes, while both the negative and the positive dynamic have fallen. The trend dynamic has marginally risen by +8.73%, whilst the market’s volatility has marginally fallen by -1.09%. Finally, the oscillators have moved into oversold levels.
Indicators outcome: Marginally bearish – Neutral
CONCLUSION
Indicators and charting are in favor of the marginally bearish or neutral outlook. Should the price breaks lower than 45.40 level of resistance, the next resistance could occur at 44.20 level. On the contrary, if the price appreciates higher than 46.80 level of resistance, the next resistance is likely to occur at 48.00 level.
Risk Disclosure
This forecast has just an informative meaning and cannot be treated as the guide to action, signal, recommendation or an offer to carry out certain trading operation. The experts of this blog express personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy, and RoarForex cannot be held responsible for inaccurate information or typos. Should you wish to participate in the FOREX market please be sure to contact the necessary professionals prior to starting to assess your personal financial situation.
CHARTING
The crucial points are:
Yesterday, crude suffered losses as the monthly OPEC production report and the industry data from US where released, showing an increase in crude’s output despite a pledge to cut the output, while US industry data was positive. This growth in US, has triggered speculation that the US will increase their oil production to cover the increasing demand in industry, for energy. Furthermore, yesterday’s API weekly crude oil stock release showed that the stock has increased by +2.750 million barrels, while it was expected to be lower than -2.700 Million barrels.
Charting outcome: Neutral – Marginally bearish
INDICATORS (computerized T.A)
The crucial points are:
The indicators are signaling that a weak downtrend has occurred. The moving averages have added further bearishness in their slopes, while both the negative and the positive dynamic have fallen. The trend dynamic has marginally risen by +8.73%, whilst the market’s volatility has marginally fallen by -1.09%. Finally, the oscillators have moved into oversold levels.
Indicators outcome: Marginally bearish – Neutral
CONCLUSION
Indicators and charting are in favor of the marginally bearish or neutral outlook. Should the price breaks lower than 45.40 level of resistance, the next resistance could occur at 44.20 level. On the contrary, if the price appreciates higher than 46.80 level of resistance, the next resistance is likely to occur at 48.00 level.
Risk Disclosure
This forecast has just an informative meaning and cannot be treated as the guide to action, signal, recommendation or an offer to carry out certain trading operation. The experts of this blog express personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy, and RoarForex cannot be held responsible for inaccurate information or typos. Should you wish to participate in the FOREX market please be sure to contact the necessary professionals prior to starting to assess your personal financial situation.