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Crude has continued to defy the markets with an uptick in price after the much anticipated OPEC production increase news. With an Iran – US nuclear deal also looking far less likely than a week ago, keeping some risk in play in the broader Crude oil markets and causing Iran continued problems with it’s Oil exports and sanctions remaining in place without
that Nuclear deal.

From a technical standpoint, very little has changed, looking at both YVWAP and QVWAP on Crude we can see RES continues to hold with daily rejections at VWAP DEV bands. Market remains rotational and in balanced play.

TPO – we can see today so far forming a balanced distribution. And until the Bulls can accept the Key RES areas and form both a new base and print into imbalance we will keeping trading the rotation. On that imbalance trade, i would be seeking a test of $65, $66.7 and $67.2 possibly with a drive up to YVWAP VAL $68.4.

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