Tariff War Update - March 30
Posted: Sat Mar 30, 2019 1:31 pm
Per CME Group's wrap-up after the market closed on Friday, the U.S. / China Trade Agreement is "all but finished per the U.S. Treasury Secretary". CME Group said their sources tell them that all that needs to be done now is to triple check the two versions in English and Chinese to make sure they are in agreement.
If true, this will remove a major barrier to oil prices moving higher as many traders believe the Tariff War could cause a Global Recession and thus reduce demand for oil.
Watch CME Group's daily oil market updates here: https://www.cmegroup.com/trading/energy ... crude.html
Technical Stuff: "Crude Oil eyes 60.37 resistance zone and beyond as it follows through higher on its Thursday price reversal. Support lies at the 59.50 level where a break will expose the 59.00 level. A cut through here will set the stage for a run at the 58.50 level. Further down, support comes in at the 58.00 level. On the upside, resistance resides at the 60.37/50 levels. Further out, resistance comes in at the 61.00 level. A break above here will aim at the 61.50 level and then the 62.00 level followed by the 62.50 level. All in all, Crude oil remains biased to the upside as it eyes higher prices."
If true, this will remove a major barrier to oil prices moving higher as many traders believe the Tariff War could cause a Global Recession and thus reduce demand for oil.
Watch CME Group's daily oil market updates here: https://www.cmegroup.com/trading/energy ... crude.html
Technical Stuff: "Crude Oil eyes 60.37 resistance zone and beyond as it follows through higher on its Thursday price reversal. Support lies at the 59.50 level where a break will expose the 59.00 level. A cut through here will set the stage for a run at the 58.50 level. Further down, support comes in at the 58.00 level. On the upside, resistance resides at the 60.37/50 levels. Further out, resistance comes in at the 61.00 level. A break above here will aim at the 61.50 level and then the 62.00 level followed by the 62.50 level. All in all, Crude oil remains biased to the upside as it eyes higher prices."