See also
03.07.2025 07:36 AMCrude Oil, Thursday, July 03, 2025.
Poor global economic conditions such as the stagnation of Chinese & European manufacturing have triggered concerns about global Crude Oil demand and expectations of potential increases in OPEC World Oil production with its expansionary policies creating an oversupply of World Oil supply resulting in temporary weakening.
Key Levels
1. Resistance. 2 : 69.12.
2. Resistance. 1 : 68.32.
3. Pivot : 66.77.
4. Support. 1 : 65.97.
5. Support. 2 : 64.42.
Tactical Scenario
Positive Reaction Zone: If the weakening correction that will occur is held at level 65.97, there is a potential for #CL to strengthen up to level 68.32.
Momentum Extension Bias: If volatility and strengthening momentum support, #CL will continue to strengthen up to level 69.12.
Invalidation Level / Bias Revision
Upside bias weakening #CL successfully breaks and closed below level 64.42.
Technical Summary
Although there is a Divergence between the price movement of #CL and the RSI(14) indicator which indicates that there is a potential for weakening, but with the condition of EMA 20 which is above EMA 50 and the position of RSI(14) which is at level 52.76 (Neutral Bullish) then #CL has the potential for a limited correction and then strengthens again.
Economic News Release Agenda:
1. US Average Hourly Earnings m/m - 19:30 WIB.
2. US Non-Farm Employment Change - 19:30 WIB.
3. US Unemployment Rate - 19:30 WIB.
4. US ISM Services PMI - 21:00 WIB.
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