Traders may continue to look for upside value from the commodity.
Well Defined Channel for U.S Crude Oil
U.S Crude Oil has provided traders with an extremely consolidated range since the middle of last week. While the commodity has slipped slightly and is trading below the 68.00 U.S Dollar per barrel mark, the energy is still highly valued.
The month of April produced a solid rise for U.S Crude Oil and it has maintained a well-defined technical channel the past two weeks.
U.S Crude Oil’s run through Resistance
Crude Oil’s trend since October of 2017 has been an upward march. The commodity has broken through vital resistance consistently. Resistance appears to be 70.00 U.S Dollars, while support short term looks to be around 66.00 Dollars per barrel.
If U.S data remains strong this week, and fears of a trade war de-escalate, Crude Oil could continue to attract consistent speculative buying.
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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