Crude's Big Base

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Crude Oil (September)

Last week’s close: Settled at 76.84, up 0.65 on Friday and 3.32 on the week

Crude Oil futures are higher by about 1% as geopolitical tensions in the Middle East run hot and Israel prepares for an attack by Iran. Inflation data from China Thursday night was also stronger than expected, and there seems to be positive momentum amid such a narrative, and we brace for data on New Loans overnight tonight.

Price action in WTI Crude Oil futures finished last week strong, clearing previous resistance, which now creates two areas of major three-star support. The first aligns previous resistance with Thursday’s high at 76.40-76.52. The second is a potential floor aligning with Wednesday’s volume spike and Friday’s low 75.84-75.95. Ultimately, we will be watching our Pivot and point of balance closely, and continued action above this level at 76.84-76.87, will encourage a test towards $80.

Bias: Neutral/Bullish

Resistance: 77.63***, 78.88-79.03**, 80.76**, 81.30***

Pivot: 76.84-76.87

Support: 76.40-76.52***, 75.84-75.95***, 75.12-75.27***, 74.45-74.60**, 73.96**, 73.46-73.56**, 72.74-72.94***, 72.23-72.42***, 70.703**, 70.00***


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