Crude Extends Gains as US Shows No Willingness to Negotiate
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Daily Update:***OCTOBER FUTURES BASIS WTI crude oil futures are rallying today as tit-for-tat strikes over the weekend escalated. The U.S. struck Iranian tankers while the IRGC attempted to hit U.S. naval vessels. October futures are out over contract highs made last week at 93.09***, while Brent futures are nearing the key psychological $100 region. There seems to be little to no willingness on the U.S. side to negotiate, and markets are adjusting to the new reality. Europe generally takes August off, and today's trading session has historically marked the return of larger traders to the desk. Watch for macro flows driving outsized moves in interest rate-sensitive assets and currencies, as the ripple effects could affect crude oil futures today. 93.64-94.73*** is the nearest upside resistance target, while 95.08*** sits above that. Because we are above contract highs, continuation contracts are being used to determine resistance levels above 93.09***. |
Technical Analysis:Technical Summary: Our intraday range is set between 92.14* and 95.43*, with a mean-reversion and equilibrium level of 93.79*. Intraday ranges are reading wide today as volatility has picked up. We favor 93.09*** as a key pivot point, as a settlement below this level nullifies the breakout. This level also represents a solid intraday buy limit. Resistance: 93.64-94.73***; 95.08*** Pivot & Point of Balance: 93.09*** Support: 91.27***; 92.25*; 93.09***; 90.03*; 88.07-88.13***; 88.68***; 85.15**; 84.94**; 83.80***; 82.92***; 81.34-81.00***; 80.34*** Explainer: **Intraday Ranges: Systematic buy/sell spots. Breaks in either direction often flag a structural move — useful for risk management. ***Three-Star Levels: Longer-run levels tied to key fundamental and technical shifts. They trump nearby intraday levels for entries and exits. *Note: The running journal behind our older Support, Resistance, and Pivot levels is no longer published on a daily basis — readers should not discount these older levels as stale or lacking in analysis and due diligence ------------------------------------------------------------------- |
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