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Mike's Mid Day Markets

Oil Could See New Down-Leg
Wednesday, June 20th 2018 By Mike Paulenoff
Crude Oil-- attempted to rally in reaction to this AM's EIA Inventory Report, which showed a 5.9 million barrel draw in Crude (vs. -2.1 mb expected) but a 3.3 mb build in gasoline (vs. +200,000 expected) and a 2.7 mb build in distillates (v. -200,000 expected). My attached 4 hour chart shows that the series of lower-highs off of the 5/22 high at 72.90 remains intact, with this AM's rally failing at 66.14 prior to pivoting to the downside to 65.43 currently. All of the action off of the 6/17 low at 63.40 into today's high at 66.14 has the right look of a completed recovery rally and hints that a new downleg could be about to begin just as OPEC heads into Friday's highly anticipated meeting. Consensus calls for Russia and Saudi Arabia to increase output despite the objections from Iran and Venezuela. If the chart is warning us about a directional move at this point, it is to the downside from what ... Read More

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