Crude oil (NYMEX:CLV14)
Looks Like The Market Could Extend Its Upper Range Today, We Could See A 95 Handle
Crude oil has recovered from a 93.45 low this morning to trade back above 94.00. Geopolitical tension as of late has not sparked bullish fear into this market, the main concerns continue to be the demand worries. Data out of Europe this morning is disappointing and now more emphasis will be on major US data points. Stronger than expected data out of the US will help this market consolidate higher while offsetting demand worries in the short term. Larger than expected builds in Gasoline dragged this market yesterday but a continued close above 93.65-93.75 will keep this market consolidating off of the lowest levels seen in over a year. Major resistance still comes in at 94.30-94.50 and will give bears an opportunity to sell the first test. A close above here will encourage a consolidation towards 95.59-95.88. However, this market will remain in a downtrend until we see a close above 96.39.
Resistance –94.30-94.50**, 94.65*, 95.59-95.88**, 96.39***
Pivot - 94.05
Support –93.65-93.75**, 93.35*, 92.92**, 92.50-92.63**, 92.07**, 91.53**, 88.69****