Threat of US Sanctions on Tehran Support Oil

Threat of US Sanctions on Tehran Support Oil

Russell Shor Russell Shor

Russell Shor

Senior Market Specialist @ Tradu | Certified Financial Technician, Master of Financial Technical Analysis

发布日期: 2018年4月26日
+ 关注

WTI crude's moving averages remain in bullish formation. The green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. Price pulled back yesterday and found support at the orange 13-day EMA. Bears promptly lost control to the bulls at this level, who pushed prices back up and the trading day up [bullish hammer candlestick (green arrow)].

Price dropped at 4:30pm (ZA time) after crude oil inventories beat the forecast of -1.6 million barrels, rising by 2.2 million barrels for the week to 20 April. However, this was erased on the news that the US will potentially exit from the Iran deal. French President Macron has suggested that this will indeed by the case. This will result in renewed sanctions on Iran, the third biggest OPEC producer.

President Trump will decide on 12 May whether to restore US sanctions on Tehran. If so, oil supply is likely to drop. To exacerbate oil supply issues, Venezuela’s crude production has fallen to 1.5 million barrels/day (from around 2,5 million barrels/day) due to political and economic tensions.

要查看或添加评论，请登录

Russell Shor的更多文章

  • More Evidence Needed to Confirm the Oil Price Low
    2020年5月4日

    More Evidence Needed to Confirm the Oil Price Low

    The oil market has been hit from the demand side and the supply side. In terms of supply, the price war between the…

  • USDZAR Approaches Key Level
    2018年5月2日

    USDZAR Approaches Key Level

    The USDZAR came into 2018 in a mark-down phase (red shaded area). The pair then moved into a sideways accumulation…

  • GBPUSD Charts Large Topping Pattern
    2018年5月2日

    GBPUSD Charts Large Topping Pattern

    Cable has charted a big double top pattern (green ellipses). These patterns are usually of the reversal variety.

  • Gold At Key Support Level
    2018年5月2日

    Gold At Key Support Level

    Gold has moved sideways for most of 2018 (blue rectangle). However, the precious metal may have moved from a…

  • S&P 500 Essentially Treading Water
    2018年5月2日

    S&P 500 Essentially Treading Water

    Earning season hasn't really helped the S&P 500. In effect, the market has moved sideways since the end of March.

  • US 10-Year Is Showing Relative Strength
    2018年5月2日

    US 10-Year Is Showing Relative Strength

    - Interest rates are exceptionally important to markets and their direction. - Capital tends to be attracted to the…

  • ECB Keeps Rates Unchanged
    2018年4月26日

    ECB Keeps Rates Unchanged

    The EURUSD remains in a sideways consolidation with a bearish edge. Its green 5-day EMA is below its orange 13-day EMA,…

  • Nikkei Benefits From Japanese 10-Year Policy
    2018年4月26日

    Nikkei Benefits From Japanese 10-Year Policy

    The Nikkei 225 is outperforming the S&P 500. The Japanese index’s moving averages are in bullish formation.

  • S&P 500 (SPX) 200-DAY EMA Is Holding As Support For The Moment
    2018年4月26日

    S&P 500 (SPX) 200-DAY EMA Is Holding As Support For The Moment

    The SPX’s red 200-day SMA has acted as support for the index during 2018. It held during February and March (blue…

  • USDJPY Supported By Rising US Yields
    2018年4月25日

    USDJPY Supported By Rising US Yields

    The USDJPY’s green 5-day EMA is above its orange 13-day EMA, and its orange 13-day EMA is above its black 34-day EMA…

社区洞察

其他会员也浏览了