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An Explosive Rally in Oil & the Key Level to Watch

January 3, 2020

With an impressive start to the year this new heightened geopolitical development could be the catalyst to break Crude Oil out to multi year highs. The U.S. strike that killed a key Iranian general could have a ripple effect on the signing of the trade agreement on the 15th as China and Iran have recently worked together on joint military operations along with Russia. While derailing the trade agreement will most likely negatively impact Grains and Meats, markets like Metals and Energies should continue to benefit from these geopolitical risks.

 

There are many factors that could affect the direction of the crude oil market so be sure to stay up to date on developments by registering for a 2 week trial of the Blue Line Futures Morning Express by clicking on the link here

 

Sign up for your FREE two-week trial of our daily commodity reports! 

 

Daily Chart Analysis

 

Price Analysis and Outlook

 

The daily crude oil chart shows that momentum indicator slow stochastics are rising steadily and reaching overbought territory giving longer term indication that we have pushed into a Bull Market. While ADX, which measures strength of the trend, has turned up over 35 showing that the driving force behind the recent upward move is very strong. The 2 key levels of resistance to watch are the April 22nd high of $64.06 and the January 3rd high of $64.06. This could act as a potential double top however a break through of this level should spark another short covering wave up to $65.

 

 

Feel free to contact Phillip Streible with any questions or comments

Call or Text: 312-858-7303

Email: Phil@Bluelinefutures.com

 

 

 

 

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results

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