U.S Crude Oil has lost a sliver of value in the past week.
However, the commodity remains well priced and demand is likely to remain steady and perhaps even improve based on solid economic data and better conditions globally.
U.S Crude Oil offers an opportunity for speculators who use economic data as a central part of their decisions based on market psychology.
Crude Oil remains under 64.00 U.S Dollars a barrel, with important support is around the 63.00 Dollar level. Broad market volatility the past few days has caused some traders to lose their nerve in commodities.
The selloff in global equities has occurred as investors accept the likelihood of a more aggressive U.S Federal Reserve, based on the strong economic data coming from the States.
Demand for Crude Oil is not going to lessen in the near future. The current value of U.S Crude Oil is likely to remain stable and potentially climb, and resistance appears to be about 66.00 U.S Dollars a barrel
In the short term, we believe U.S Crude Oil may be positive. The mid-term and Long term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.