Considering advanced CME Group data for crude oil futures markets, open interest increased for yet another session on Wednesday, now by approximately 3000 contracts. Volume, on the other hand, fell for the second session in a row, this time by around 70.6K contracts.a
Crude Oil (WTI) (U3) Intraday: bullish bias above 78.90.
Our preference: long positions above 78.90 with targets at 79.90 & 80.30 in extension.
Alternative scenario: below 78.90 look for further downside with 78.30 & 77.80 as targets.
Comment: the RSI calls for a pic.twitter.com/JsqxeYnfvO
— Marketequity (@marketequityinc) July 27, 2023
WTI remains capped by $80.00 so far
On Wednesday, WTI prices reversed four sessions of gains. The daily decline was caused by rising open interest and a sharp drop in volume, indicating a possible consolidation around present levels. For the time being, the immediate aim remains at the crucial $80.00 per barrel level.
— Crude Oil Today | PetePrices.com (@WtiOil) July 27, 2023