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Oil DOE Data and reaction

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Since making a low before our forecasted cycle turn on April 21, oil has embarked on a V-bottom recovery that is taking it back to where the march Saudi Arabia-Russian oil war began. The advance has now entered extreme resistance, where it's likely to struggle in price will occur and give the first challenge to the recovery trend.

OPEC-Russia meets June 9-10th, and already there are concerns that they may not be able to extend cuts to the end of the year. There is the conversation that the reductions could get extended but reduced from 1.2 million barrels a day to possibly around 750,000 barrels per day. Or another alternative is able to extend the cuts another month or two. Right now, compliance is the concern that Russia has, that many countries like Iraq and Algeria will not participate equally.

The following video highlights the charts that are the most pertinent at this time, reflecting resistance that the products like gasoline and distillates have ran into. A high may have occurred already at the 38.00 mark for the spot oil contract.

Watch it here->

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Eugene Graner is the founder and President of Heartland Investor Capital Management Inc. As a veteran commodity analyst, broker, and CTA that eats, sleeps, and breathes commodity futures, his priority is to bring clients the latest and most useful information of the markets along with uncannily accurate futures predictions. By balancing risk and reward, Eugene uses his proprietary trading strategies to develop the best possible trading approaches for his clients. He has 28 years of experience in the industry and his voice has been heard around the United States. He is heard on multiple radio stations throughout the day, also has been featured on CNN, Bloomberg, Wall Street Journal, and The New York Times, and is the go-to guy to for multiple TV network stations for interviews about market news weekly.
Contributing author since 1/3/2019 

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