Crude Oil Futures: Room for a corrective bounce

Pablo Piovano FXStreet

CME Group’s advanced prints for crude oil futures markets saw open interest extending the downtrend on Tuesday, this time by around 24.4K contracts. In the same line, volume went down by around 266.5K contracts following Monday’s build.

WTI now looks to $70.00

Prices of the WTI traded without clear direction and closed the session with small losses on Tuesday, adding to Monday’s sharp pullback. The downtick was amidst shrinking open interest and volume, hinting at the idea of a potential rebound in the short-term horizon. That said, the key $70.00 mark per barrel emerges as the next target of note. This level coincides with the 50-day SMA.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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