The Crude Oil Inventories data are scheduled for release today at 02:30pm GMT and market participants expect the US stockpiles to drain even more than the last time. The expected figures are still negative: -2500k vs. -918k prior, so it means the inventories are now being drained for another week in the row. Nevertheless, it is worth to mention, that the primary driver of the oil market is probably Brexit-related volatility at the moment, that is spreading around other markets. The next OPEC meeting is scheduled for 20 November in Vienna.
Let’s now take a look at the Crude Oil technical picture in 4H time frame after the British vote is done. Bears have managed to push the prices down to the level of 45.81, making this level a double bottom technical pattern. Nevertheless, if bulls are not strong enough to push the prices above 55, 100, and 200 moving averages and then towards the level of 50.55, then we might witness a lower low in the sequence and a possible temporary trend change.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Global macro analysis for 29/06/2016:
The Crude Oil Inventories data are scheduled for release today at 02:30pm GMT and market participants expect the US stockpiles to drain even more than the last time. The expected figures are still negative: -2500k vs. -918k prior, so it means the inventories are now being drained for another week in the row. Nevertheless, it is worth to mention, that the primary driver of the oil market is probably Brexit-related volatility at the moment, that is spreading around other markets. The next OPEC meeting is scheduled for 20 November in Vienna.
Let’s now take a look at the Crude Oil technical picture in 4H time frame after the British vote is done. Bears have managed to push the prices down to the level of 45.81, making this level a double bottom technical pattern. Nevertheless, if bulls are not strong enough to push the prices above 55, 100, and 200 moving averages and then towards the level of 50.55, then we might witness a lower low in the sequence and a possible temporary trend change.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: