Crude Oil Market Analysis:
Recently, crude oil has remained strong on the daily chart. While it’s been suggested as a sell-off, there hasn’t been a significant drop, merely a seesaw pattern. Previous contracts haven’t experienced significant declines. We interpret this market as a major market swing, not a buying opportunity. Today, we consider selling directly around 65.50, as this level represents the key support level.
Fundamental Analysis:
Yesterday was Labor Day, and the US was absent from the market. This week is a data week, with ADP and non-farm payroll data to be released.
Trading Recommendations:
Crude oil – Sell around 65.50, target 62.30-60.00.
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