Implications and Outlook
1. Tension is coming from tariff wars aside; crude oil bulls had a good month along with an excellent final week in August. WTI crude oil prices, guided by UK Brent, wrapped up the month up almost 2% on bets that a renewed worldwide black gold shortfall could happen to come from American sanctions levied on Iran.
2. Crude’s bullish outlook price action has confirmed the value of the long to mid-term bullishness sentiment moving steadily to higher passing Mean Resistance $70, and heading towards short-term Oil Rally $71.30.
3. In the bigger picture, the draw-down target of the inverse of Key Resistance - now Mean Support $70 is an intermediate target as the undoubtedly it will be revisited in the interim. Other significant Mean Support lays next at $67.80.
4. Current Oil Strategy Bias: Bullish 70 / Bearish 30
1. Tension is coming from tariff wars aside; crude oil bulls had a good month along with an excellent final week in August. WTI crude oil prices, guided by UK Brent, wrapped up the month up almost 2% on bets that a renewed worldwide black gold shortfall could happen to come from American sanctions levied on Iran.
2. Crude’s bullish outlook price action has confirmed the value of the long to mid-term bullishness sentiment moving steadily to higher passing Mean Resistance $70, and heading towards short-term Oil Rally $71.30.
3. In the bigger picture, the draw-down target of the inverse of Key Resistance - now Mean Support $70 is an intermediate target as the undoubtedly it will be revisited in the interim. Other significant Mean Support lays next at $67.80.
4. Current Oil Strategy Bias: Bullish 70 / Bearish 30