Near Term Resistance and Support Levels for July-2015 Crude Oil

Posted on Posted in Commodities

This afternoon I was observing a 2-hour timeframe chart for WTI Crude Oil’s July-2015 contract. Today’s price action confirmed that the bulls are clearly back in control as this energy commodity made a second bullish price breakout after a minor pullback. So now the question I ponder is for how long? And the answer depends upon how it handles its next resistance or support tests. I currently anticipate resistance @ $61.80 to $62.00 to $62.60 and support @ $60.09 to $60.30.

Tomorrow’s EIA Petroleum Status Report, in which analysts are predicting a drawdown of -1.7mm barrels in crude oil inventory supplies, should give the markets just the catalyst it needs for either direction. However, don’t count on an automatic reaction when the data is released. Last week’s drawdown @ -2.8mm barrels was much more than expected and the market took until the next day to process what this news as bullish for oil prices.

Keep this one on the radar and stay Hillbent for the Market Direction…

 

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2 thoughts on “Near Term Resistance and Support Levels for July-2015 Crude Oil

    1. Your observations are correct. However, this was almost 6 months ago and a lot has happened in between since then I don’t think this article has much relevance to todays’ market and its purposed was to identify resistance points and current market sentiment.

      I hope you don’t take my comments as defensive, which they are not intended to be. Thank you sincerely for commenting and welcome to the blog where I hope you feel free to make other comments and insights.

      Happy Holidays!!!

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