CL: JUN23 Saudi Aramco > Oil & Gas >

At the moment, there is an interesting combination in crude oil.
The first days of liquid trading of the JUN23 futures contract.
Just above you can examine the slide.
Here is the CHART:: Classic Profile Chart / Delta by price TF:: Day
Total H&P.Histograms Volume/Delta Open Interest yellow/gray line

The current trading session landed on the volume support at 80-80.50, which was formed in the last contract. The level is marked on the slide.
And the quote is at the GAP RANGE (on slide).

Judging by the data of the current trading session – not many buyers, but large oil traders’ interest in the current price has appeared sharply, which is confirmed by the total of Hidden Ticks (point1).

The first trading sessions of the June contract demonstrate that aggressor selling liquidity prevails, but will their activity be as effective in bringing the price below $80 a barrel.

It’s worth bearing in mind that it’s Eid all week in Saudi Arabia. The stories that Arab men are not hyper hard-working are not a myth. Lionsgate have even made a film based on the novel ”A Hologram for the King” by Dave Eggers, starring Tom Hanks.

As long as the Middle East celebrates Uraza Bayram all week, the price per barrel of oil is unlikely to move below 79-80. OPEC daily basket price – $86.40 opec website >>

VolFix Company / author & trader: Mikhail Lemah

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