With today being the Crude Oil Inventories announcement in the United States, likely that we will see a significant amount of volatility. We had initially fallen on Tuesday, but turned around to form a bit of a hammer. A break above the top of the candle for the day should send this market looking for the $59 level, and then possibly the $60 level if the inventory number is bullish enough. At the same time, there are concerns as to whether OPEC will be able to extend a production cut deal, and if they cannot, that could be a very negative headline event in this market. We have the potential for a “one-two punch” today, but we will have to wait and see which direction it leads us. On the upside, I suspect that the $60 level is resistance, just as I suspect that the $55 level underneath as support.

for more analysis: [ Ссылка ]

свернуть