Oil sideways to bullish as per weekly and daily, wil it make till 55 ?
Technical: Crude oil August future is trading at 52.25, trading at the daily pivot point waiting for clear direction. Trend remains weak for downside 50.50-50 levels initially. Daily 8MA at 52.90 a break can check the next resistance at 54.90 or 20MA which could restrict the day. For the day one can add or hold buys till 52.20-52 levels for upside 5.30/53.60 (Yesterday high). Daily RSI stands at giving some hint to rebound technically. Overall buy on dips is advised for the day.
Fundamental: On Thursday, WTI Crude prices higher by 2.2 percent to close at $52.3 per barrel. The second attack in the world’s most important zone for oil supplies stoked concerns of reduced crude and pushed the prices higher. Two oil tankers attacked in the gulf of Oman raised severe supply concerns for Crude. The attack took place on one of the world’s key shipping routes. Fresh worries rising from the Middle East stoked tension between Iran and U.S. further hampering the prospects for Crude. Meanwhile, China’s officials stated that Washington’s attempt to force Beijing into a trade deal won’t be successful; they won’t come under any pressure from the United States.
SUGGESTION: BUY OIL TILL 52.20 FOR 53.50/53.80 ELSE SELL BELOW 50.50 FOR 49/48.80