US Oil drops right now and it stands at the 70.13 level. Unfortunately, it has found strong resistance and now it could resume its downwards movement. In the short term, WTI moves sideways, so we have to wait for confirmation before taking action.
The US Crude Oil Inventories will be released later today. The indicator is expected at -3.2M versus -4.1M in the previous reading period.
US Oil Technical Analysis!
US Oil failed to stabilize above the minor ascending pitchfork’s median line (ml) and above the daily pivot point (70.44) signaling strong sellers. Making a new lower low, dropping below 70.05 could signal a deeper decline.
Technically, the ascending pitchfork’s lower median line (lml) is seen as a potential downside target, an obstacle if the price may drop.
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