crude oil

Opportunity Building in U.S Crude Oil

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.

Crude Oil 4H Chart
Crude Oil 4H Chart

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.

Crude Oil Daily Chart
Crude Oil Daily Chart

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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Yaron Mazor

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. Ten years ago, Yaron sold all of his businesses and became a trader. Yaron started an education provider that taught thousands of people worldwide how to trade. Since then, he has traded every single day across every imaginable financial instrument Organic Trading System (OTS) is an unprecedented, new paradigm of trading technique, developed by Yaron Mazor. The trading system utilizes a combination of essential resources of market data (Fundamental, market participant sentiment and the basic concepts of trends), which are harmonically coordinated, in order to enable a relatively fast, simple and easy way to decide which side of the market to be trading from – the Buy side or the Sell side.