However, traders may believe there is upside opportunity lurking for the commodity.
U.S Crude Oil under Short-Term Pressure
U.S Crude Oil has been under pressure since late last night. The price of the commodity is near 61.00 U.S Dollars a barrel and appears to be presenting an opportunity for speculators.
U.S Crude Oil has an interesting line of support near the 58.75 juncture, while resistance appears to be within the vicinity of 63.00 U.S Dollars a barrel. Crude Oil Inventories data will come from the States today and should be monitored.
Resumption of Upwards Momentum Expected
Last week U.S supply numbers showed demand remains strong and there are indications that production has escalated. However, Crude Oil has been able to establish a higher price range when looking at the commodity with a long-term perspective.
Traders who have the ability to be patient and withstand pressure to the downside may want to consider a buying position on the belief upside momentum will resume for U.S Crude Oil.
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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