In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we analyse the markets with Crude Oil on the move again.
Firstly, we need to take on board the fundamental developments behind the USOIL markets. These can, of course, change very rapidly. Currently, we are experiencing conflict between the US and Iran over a downed unmanned US drone over Iranian airspace. This act of aggression very nearly caused a military response from the US but was called off at the last minute.
All of this tension potentially supports the price of Oil due to the impact any conflict would have on the potential restricted supply of Crude Oil. This will contribute to upward pressure on the price of oil. Overall, we are looking at a bullish trade in USOIL above yesterday’s high of 58.60.
Crude Oil on the Move Again – Full Video Analysis
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