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OIL : Getting Higher

(Wed, 26 Aug 2020).

  • Crude oil prices may push past key resistance
  • Rising long bets warn AUD/USD may decline

 

CRUDE OIL SENTIMENT OUTLOOK - BULLISH

The IGCS gauge implies that about 45% of retail investors are net long crude oil. Net short bets have increased by 27.17% and 10.41% over a daily and weekly basis respectively. The combination of current sentiment and recent changes offers a stronger bullish contrarian trading bias.

 

CRUDE OIL TECHNICAL ANALYSIS

WTI crude oil prices are pushing deeper into the key 42.91 – 43.87 inflection zone. A breakout to the upside would expose lows from January around 49.42 which could act as new resistance. Key support sit below as a combination of the 20-day and 50-day Simple Moving Averages (SMAs).

 

 

 

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