Recap, in the last update dated on 16 July. it stated that the continuation of upward trend requires relatively above average or higher volume to breakthrough the resistance zone.
On 19 July, the price action successfully closed within the resistance zone associated with relatively above average volume. The following day, it managed to break above the zone but failed to close above it.
Then came the following news on Friday, 21 July - after a tanker-tracking firm reported supply from OPEC is rising.
OPEC's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks OPEC supply forecasts. The increase in oil supply would push production above 33 million barrels per day.
Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month's gains, according to PetroLogistics.
More news, US crude tumbles 2.5%, settling below $46, after report of rising OPEC oil output
Take note that the overall price action is still weak - death cross situation.
Note : S-Trader indicators/tools are not part of Metastock software package. It is our proprietary system/tools. If you have any further inquiries, please feel free to Contact Us.
Source :
1) Metastock
2) www.cnbc.com
3) Reuters
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