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Target achieved at below US$55 a barrel!! Aftermaths of long lasting Greece turmoil, lingering dollar strength and the dramas of crude inventory levels in Western Texas Intermediate oil mines have managed to trigger the price points what our research calls on crude had generated a week ago on 01st July.
Technical Glimpse:
On daily charts have indicates some sort of skeptism in prevailing downtrend in crude prices. USCL1! Futures trading below lower Bollinger band at 54.2913 while volumes have raised a caution on falling prices yesterday.
Although we could trace a gap down pattern evidenced by long bearish real body candle occurred at 52.53 levels, we cannot afford to jump into guns as to conclude this as either runaway or breakaway gap patterns. Because abundant volumes have not substantiated correspondingly to the price effects. Hence, we believe this is a clear attempt of price rigging as a result of Sunday's No vote by Greece. We don't think crude may neither drop drastically nor does it spike to show instant recovery.
Crude inventory levels scheduled for tomorrow: The American Petroleum Institute will release its inventories report later in the day, while Wednesday's government report could show crude stockpiles fell by 0.5 million barrels in the week ended 3rd July.
The US crude futures plunged last week after Baker Hughes (NYSE) reported that the number of domestic rigs drilling for oil rose by 12 to 640 last week, snapping 29 straight weeks of declines. On NYMX, Crude for August delivery edged up 0.27% to trade at $53.14 a barrel. On Monday, New York traded oil prices tumbled $4.40, or 7.73%, to end at $52.53, the weakest level since 2010.
Crude oil futures inched higher on Tuesday, one day after recording their biggest single-day decline in more than three months, as the continuation of Greek and Iranian negotiations, as well as concerns in China remained in focus.
