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Tactics and Analysis, July 26, 2017 – U.S. Crude Oil Rises Again

By:
Yaron Mazor
Published: Jul 26, 2017, 09:28 UTC

Crude Oil has seen a speculative buying spree the past day and is testing important resistance. Crude Oil Inventories will come from the U.S today and

U.S. Crude Oil Rises Again

Crude Oil has seen a speculative buying spree the past day and is testing important resistance. Crude Oil Inventories will come from the U.S today and could increase volatility within the commodity.

Surge in U.S. Crude Oil This Week

U.S. Crude Oil surged in value on Wednesday and broke through important short-term resistance levels.

The commodity is above 48.00 U.S Dollars a barrel and needs to be watched carefully by traders considering participation in the market.

Crude Oil 1H Chart
Crude Oil 1H Chart

U.S Crude Oil has been able to bounce off lows seen on Monday, when it was trading above 45.00 U.S Dollars a barrel. Today Crude Oil Inventories numbers will come from the U.S and will provide traders with more fireworks.

Speculation Rising in U.S. Crude Oil

Speculation has been high in U.S Crude Oil the past few months. The commodity has tested highs only to falter, and today’s value is squarely in the middle of it range.

Crude Oil 4H Chart
Crude Oil 4H Chart

While the Opec meetings in Russia produced no major surprises, it is clear speculators are buying U.S Crude Oil in the short-term based on the notion global economics are improving. However, the commodity definitely has further tests of values it will face down the road.

Long Term Shows Crude Oil’s Consolidation

Today’s trading in U.S Crude Oil could prove important as it tests short-term highs. A look at a long-term chart should serve as a reminder that the commodity has been in a consolidated range for a considerable amount of time.

Speculative elements may continue to seek upward movement in U.S Crude Oil with the belief it can test 49.00 U.S Dollars a barrel. However, traders who seek reversals may be tempted to sell Crude Oil with the hope the commodity will decline again.

Crude Oil Daily Chart
Crude Oil Daily Chart

In the short term, we believe U.S Crude Oil may be positive. Mid-term and Long-term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

About the Author

Yaron Mazorcontributor

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.

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