The Crude Oil Setup

16 thg 4

Crude Oil (May)



Yesterday’s close: Settled at 85.41, down 0.25

Crude Oil futures have traded in a quiet range, going back through last week, outside of an early Friday morning geopolitical spike. A slate of economic data from China last night printed better Q1 GDP results at 5.3% versus 4.8%, but Industrial Production and Retail Sales whiffed. However, U.S. Retail Sales yesterday came in much stronger than expected, leading to a revision higher in the Atlanta Fed’s GDP forecast from 2.4% to 2.8%. It is important to note that Crude Oil has reacted favorably to surprisingly resilient and strong U.S. economic data, especially that which highlights the consumer.

Waves of weakness over the last week have helped define a floor at $84 and just above, while the gap settlement from April 1st sits just below at 83.71. This establishes a line in the sand in which the bulls can become more comfortable leaning against. However, a break below could quickly open the floodgates.


Bias: Bullish/Neutral

Resistance: 85.72-85.86**, 86.09-86.29**, 86.81**, 87.34-87.67***, 88.37-88.64***

Pivot: 85.32-85.35

Support: 84.69***, 84.04-84.33***, 83.71***, 83.12-83.25***

Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/

Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/

*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.