Crude Oil – Tuesday, July 8, 2025
The surge in Crude Oil production from OPEC raises concerns about excessive supply flooding the world market and the possibility of weakening global demand due to poor economic conditions, which of course puts pressure on Oil prices.
Key Levels
1. Resistance. 2 : 70.03.
2. Resistance. 1 : 68.97.
3. Pivot : 67.25.
4. Support. 1 : 66.19.
5. Support. 2 : 64.47.
Tactical Scenario
Pressure Prone Zone: If the 68.97 level can act as a strong enough Resistance level, then there is a potential for #CL to continue its weakening to the 66.19 level
Momentum Extension Bias: If 66.19 is successfully broken and closes below it, then #CL will continue its weakening to the 64.47 level.
Invalidation Level / Bias Revision
If what happens is that the 70.03 level successfully closes and breaks above that level, then the weakening scenario will be invalid.
Technical Summary
Although the EMA 50 condition is still a Golden Cross above the EMA 200 and the RSI (14) is at the Neutral Bullish level (54.50), the appearance of the RSI (14) indicator with the #CL price movement has given an indication of the potential for weakening in the near future.
Economic News Release Agenda:
1. NFIB Small Business Index - 17:00 WIB.
