U.S. Baker Hughes Total Rig Count at the focus
Last Friday`s data, just a few hours before market close, confirmed the 440 U.S. Baker Hughes Total Rig Count. Based on OPEC data published on the same day, members production also mainly rose, especially in Iraq, Libya. Iran and Nigeria. On the other hand, while buyers take a holiday in U.K., Japan, China, and Malaysia, based on Commodity Futures Trading Commission (CFT) data on Friday, net speculative long positions in crude Oil falling to the lowest level since last November; however, overall positions raising with long positions in refined products.
Looking at the market can confirm the higher price in the long term, as demands with economic recovery are growing, and as JPMorgan forecasted, $80 per boil for the U.S. Crude Oil is the 2021 target.
Technically, in the daily chart, it moves on a clear uptrend. RSI at 56, a price above the OBV trend line, and 20 & 50 DMA can confirm the positive market sentiment.
However, in the H1 chart, as you can see in the bellow chart, RSI under 50 and price under trend line can not be consistent with the Daily chart. The primary levels for Oil are:
Pivot Point: 63.70
Resistance Levels: 64.40 / 65.50 / 66.20
Support Levels: 62.60 / 61.85 / 60.70
