Crude Oil Trades Flat Ahead Of U.S. Inventories
FxGrow | Jan 24, 2018 08:06AM ET
Crude oil has entered the 10th consecutive sessions trading flat after peeking to $64.87 2018 new highs. Reports from the American Petroleum Institute reported on Tuesday that crude inventories have increased by 4.8 million barrels in the latest week, compared with expectations for a decline of 1.6 million barrels. As a result, WTI bears were capped yesterday at $63.69 low and 64.32 low for today, still being supported by OPEC and Non -OPEC cut deal.
Technical summary:
Closing price: (64.47)
Target price: None at the moment
Resistance: 64.83+, 65.60-66.00, 67.00
Support: 63.90, 6270*, 6150*
Trend: Sdwys/Up
Trend reversal price: 61.50
Comment: The market is bullish, poised for a breakout punch over the previous 6483 high, launching a drive into the 6600-6700 range. Yesterday's probe over 64.83+ suggests a preliminary breakout and favors rallies today. Any corrective setbacks should hold yesterday's range to maintain the upturn from corrections. A roll off through 6388 cautions for a negative turn. Closes under 62.70* and 61.50* signals a topping turnover.
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