Speculative traders will have to consider Crude Oil is approaching key resistance.
Risk Appetite Fuels Crude Oil Momentum
Crude Oil has continued its run higher as investors have clamored around the commodity. Risk appetite has swung upwards on the hopes that the U.S and China will avert a trade war this week.
U.S Crude Oil has been able to climb from important support and is now testing very important mid-term resistance. The commodity is valued at 65.00 U.S Dollars a barrel early today.
Broad Market Sentiment Today’s Key for Crude Oil
Crude Oil Inventories data will come from the U.S this afternoon, but it is broad market sentiment which will likely spur on prices. Risk appetite has emerged the past two days, but traders should remember the past two months have provided plenty of sharp reversals.
Speculators may be tempted to look for more upside from U.S Crude Oil and a test of the 66.00 U.S Dollar level. And if global equity markets stay robust, commodity traders may get a reward for maintaining their bullish postures.
In the short term, we believe U.S Crude Oil could be positive. The mid-term and Long term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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