BROKERSEDGE

PROPRIETARY NEWSLETTER

April Crude Oil futures trading News and research – BrokersEDGE – 3-12-19

April Crude Oil futures trading today’s news and research
Yesterday’s close: Settled at 56.79, up 0.72
Fundamentals: Yesterday’s reports that Saudi Arabia will cut exports and keep production “well below” 10 mbpd added fuel to a sharp reversal from Friday. Baker Hughes data on Friday showed U.S Oil rigs are slipping, and this helped turn sentiment against a strong area of support. However, yesterday was more than just Oil as the risk-environment was broadly favorable with the S&P gaining 2.7% into last night from Friday’s low and markets across the globe snapping back from a healthy pullback last week. This morning’s CPI data came in soft which has weakened the Dollar, bringing another component of support to commodities. As this week develops, traders want to keep an ear to the ground on headlines coming from CERAWeek, the energy conference in Houston. The private API survey is due after the bell today at 3:30 pm CT. Analyst expectations will trickle out as the day unfolds.
Technicals: Crude Oil has ultimately been contained within our major three-star resistance and support, failing to close outside of this range since the middle of February. We imagine that this range will be broken and right now the bulls have an edge with price action handedly above the 56.43-56.60 level. Still, we must see a clear and concise close above 57.05-57.35 in order to confirm an upside breakout that has the ability to extend to 59.63. A failure to hold 56.43-56.60 through today’s session will quickly neutralize our Bullish Bias.
Bias: Bullish/Neutral
Resistance: 56.43-56.60**, 57.05-57.35***, 57.69-57.88*, 58.16-58.35**, 59.63***
Support: 55.44-55.75***, 54.71-54.76***, 53.51-53.98***

If you have any questions about the commodity futures and options markets, trading or opening an account please let us know!

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at https://dawtradingdiv.com/brokers-edge/

Disclaimer:
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

CONFIDENTIALITY NOTICE: The contents of this email message and any attachments are intended solely for the addressee(s) and may contain confidential and/or privileged information and may be legally protected from disclosure. If you are not the intended recipient of this message or their agent, or if this message has been addressed to you in error, please immediately alert the sender by reply email and then delete this message and any attachments. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited.

Sign Up for BrokersEDGE

Talk to a broker

DAW Trading