Crude Oil (#CL) is trading with a bullish bias above the SMA of 21 and above 7/8 of murray. It is likely that it can continue to rise for the next few days until reaching the level of +1/8 of murray at 76.56.
High petroleum prices could fuel inflation and damage a fragile economic recovery. Therefore, OPEC urges the major crude oil producers to increase their production and thus alleviate the rise in prices.
The global oil supply increased by 1.1 million bpd in June to 95.6 million bpd as OPEC + soothed production cuts.
World oil demand increased by an estimated 3.2 million bpd to 96.8 million bpd in June. Oil prices are likely to remain volatile and could rise to the $ 80.00 level on WTI, until there is clarity on OPEC + production policy.
According to the 4-hour chart, Crude is facing an upward movement in price, so each correction to the area of the SMA of 21 around 73.56 will be a good opportunity to buy with targets at 75.00 and 76.56.
Conversely, if the price of crude falls and consolidates below 73.20, there could be a drop to the EMA of 200 support zone around 71.50.
Our outlook will continue to be bullish, so we recommend buying above 73.50/60. Below this key level, we can sell. The eagle indicator is showing a bullish signal.
Support and Resistance Levels for July 13 - 14, 2021
Resistance (3) 75.83
Resistance (2) 75.40
Resistance (1) 75.00
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Support (1) 73.24
Support (2) 72.31
Support (3) 71.48
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Trading tip for CRUDE OIL for July 13 - 14, 2021
Buy if rebound SMA 21 at 73.60, with take profit at 75.00 and 76.56 (+1/8), stop loss below 73.20.
