Com­mod­ity spot­light – WTI Crude

Financial Mirror (Cyprus) - - FRONT PAGE -

Oil bulls en­tered the scene on Wed­nes­day morn­ing af­ter Trump de­serted the Iran nu­clear deal. WTI Crude has scope to ven­ture higher in the near term, as fears of height­ened geopo­lit­i­cal ten­sions in the Mid­dle East fuel con­cerns of po­ten­tial sup­ply dis­rup­tions.

Tak­ing a look at the tech­ni­cal pic­ture, WTI Crude re­mained firmly bullish on the daily charts. There have been con­sis­tently higher highs and higher lows while the MACD traded to the up­side. A solid daily close above the $70.00 level could in­vite an in­cline higher to­wards $71.10. Al­ter­na­tively, if bulls are un­able to keep prices above $70.00, the next key level of in­ter­est will be at $69.30.

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