After reversing the dip to $ 69.50, the bulls are fighting back to gain control as WTI crude shoots higher to regain $70.00 handle. What is next expected?
12 September, OctaFX – The black gold pulled back from daily lows and now resumes its latest upbeat momentum, as sentiment around the commodity remains lifted by supply disruption concerns, fueled by the looming US sanctions on Iran.
API inventory report
Meanwhile, a draw down in the US crude stocks, as seen in the latest API inventory report, also collaborates to the buoyant tone seen around the barrel of WTI. The API data showed that the US crude stocks fell by 8.6 million barrels in the week to Sept. 7 to 395.9 million.
However, the bulls remain somewhat cautious amid ongoing US-China trade tensions and looming NAFTA talks between the US and Canada while the upcoming EIA crude inventories report also keeps the investors on the edge.
WTI Crude Shoots Higher to Regain $70.00
In the view of Jason Sen at DayTradeIdeas.com,
“WTI Crude shot higher in the sideways trend to 70.00. Because it is a sideways trend, there is a risk we will not follow through after the strong performance. Below 6960 risks a slide to minor support at 6925/20.
On further losses look for 6870/60. Below 6850 risks a slide to 6805/00.A break above 7000 targets 7045/55. Above 7065 look for 7095/99.”
This article about WTI Crude Shoots Higher to Regain $70.00 was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.