Oil technical oversold & Rated Strong Sell...butOil hit its support at $90.40 and below that is the next support at $88 but the moving average rates $91 a buy and could be the turning point to head higher as Oil is in oversold territory so a reversal is possible. Tomorrow at 8:30am is US Balance of Trade for June also for June at 8:30 are Exports and Imports plus Initial Jobless Claims for July and at 10:30am is NG Stock so before the market opens at 9:30 the bulk of the US Data will be released and we'll know then where Oil is heading and I suspect that Oil will recover for Thursday but Friday there's also US Data all at 8:30am. If Oil is driven higher it could hit $95+ but it could be a pump and dumping of cheaper Oil bought recently and might not last. The only excuse for higher Oil is tightness but with a higher Oil surplus, it'll be interesting for the reason why but 8:30 will give us the direction for the day. On the downside, if it hits into the $80+ then that will mark the point where $90+ Oil could be ending just like the moves out of $100+ Oil. Its hard to believe that Friday Oil was at $102 so I believe higher Oil is in store. JMHO
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