As of now, the Black Crack has traded at our suggested trading levels. Although, the market reaction to the surprisingly low Inflation figures of the world's top oil consumer, the United States, was unpredictable.
The echoes of the EIA report aren't over yet. If you remember, last week, the Energy Information Administration (EIA) reported an inventory draw of 7.56 million barrels, higher than the draw of 6.3 million barrels the preceding week. Which signifies the increase of demand in the global markets.
Now, crude oil got additional support after the release of the GDP figures from China, the second largest consumer of crude oil. The fundamentals have shown that the Chinese economy grew more than anticipated in the 2nd quarter at an annualized rate of 6.9%. The analysts were only expecting a quarterly growth of 6.8%.
Can we expect the bulls to enter the market over Chinese demand sentiments? I think YES! This is the most likely outcome. Read our article on WTI Crude Oil to learn how to trade it successfully.
Forex Trading Signal – Idea
Considering the new fundamentals, I will be looking to enter a buying position only above $46.75 with a stop loss below $46.50 and take profit above $47.15. Be careful traders, the market can exhibit low volatility today due to lack of U.S events!
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