Crude Oil Investing – Daily forecast and Oil trading platforms trend

Yesterday Oil trading platforms were painted red and there was negative sentiments among traders. The positive tone which was supporting the Crude Oil prices turned negative with the announcement of possible talks between US and Iran. Crude oil prices dropped more than 3% after President Donald Trump said progress has been made with Iran, signalling tensions could ease in the Middle East.

If you refer to chart below, you would be able to notice the dominating sellers that lead to the downtrend. - Crude Oil investing

Today was bounce back day since the EIA report is expected to favour buyers but a bounce back above 4150 on MCX at this point is quite uncertain. Traders are aiming to support the bounce due to the higher draw in the inventory.

President Donald Trump on Tuesday said that a lot of progress has been made with Iran and it seems like Iran is ready to negotiate regarding its missile program.

Seems like the entire commodity market is running on traders sentiments which have been changing quite frequently due to statements released. There has been no resolution to any issues raised by the white house and everything is hanging. Every now and then statements are released to move to the markets and then discussion fizzles out. Let us hope that by end of this year we could see some positive movement when it comes to trade war

Crude Oil investing - Daily forecast

With rising tensions between US and Iran, prices of Crude Oil spiked early this year. As per new global update, we can expect some resolution.
On the other side, impact of hurricane Barry seems to fade and production will be back on track
With all this we could expect prices to decline further or trade in range. EIA report will favour buyers but it buyers would be able to dominate the market for long.

Trading tip

Sell Crude Oil for this week for target of 3850 with stop loss of 4150. Remember to follow Stop loss since market trend might change if another statement is released.
As per charts and current fundamentals, we can expect prices to remain under pressure.

Read disclaimer before investing.

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