From TradingView · · 1m
Crude Oil Analysis for Tuesday
Crude oil futures show constructive bias with key support at 100.35 for Tuesday's trade.
In brief
Crude oil futures show constructive bias with key support at 100.35 for Tuesday's trade. Crude oil futures hold above 100.35 support with 1:1 risk-reward target for Tuesday's trade. Originally reported by TradingView.
Contract Performance
December crude contract settled at 101.76 on Monday, down 1.51 or 1.46 percent.
Price Range and Trends
Contract traded between 103.13 and 100.33, a 2.80 point range that was the narrowest since 10/22.
Brent Premium and Curve
Brent's December contract settled at 115.81, down 91 cents, widening premium over WTI to 14.05.
Key Events
Tehran meeting between Iran and Saudi officials expected Tuesday with potential impact on oil prices.
Technical Setup
Long setup from 100.40 to 100.70 band with stop at 99.55 and targets at 101.55, 102.55, 103.55.
Risk Factors
Gulf headlines could open a gap through the stop with supply backdrop as main risk to long position.
The short version
Crude oil futures hold above 100.35 support with 1:1 risk-reward target for Tuesday's trade.
