Crude Oil Futures Traders Hedge For Weekend Risk , Possibility of Military Strike on Iran

June 21, 2019 09:15 AM
Traders position for upside in WTI Oil futures over weekend
Escalating geopolitical tensions with Iran
Crude Oil Futures Traders Hedge For Weekend Risk

Crude Oil Futures Traders Hedge For Weekend Risk

Crude Oil Futures (August)

Yesterday’s close: Settled at 57.07, up 3.10


Fundamentals: There once was a time not too long ago that you did not want to be short Crude Oil into the weekend with escalating geopolitical tensions. With what we know right here, right now, that time has come once again. Last night, President Trump authorized a military strike on Iran but called it off after back-channeling through Oman and letting Iran know that Washington would rather talk. Things will certainly develop through today’s session but just as certainly they will remain inconclusive into the weekend and this leaves upside risk upon Sunday’s open. We have had a Bullish Bias overall this week and given our above description, we believe the path of least resistance remains higher.

Technicals: Price action has chewed through our two layers of major three-star resistance this week, those that defined a suppressed downtrend. The lid has been lifted and while we do have overhead key resistance and price action is testing the first at ...  

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