US Oil stands at 66.94 level and it seems poised to turn to the upside. It’s located right above a major support area, so we’ll have to wait for a fresh bullish signal. WTI moves somehow sideways in the short term trying to accumulate more energy before deciding direction.
The US Crude Oil Inventories will be released today. The indicator is expected at -1.5M in the previous week versus -0.4M in the previous reporting period.
US Oil Technical Analysis!
US Oil escaped from the descending pitchfork’s body. It has failed to stabilize below the upper median line (UML) in the last attempt. Now it has retested the 66.58 level and it seems determined to start increasing again.
The 67.57 weekly pivot point is seen as the immediate static resistance level. Making a valid breakout above this level could really signal an upside movement, a bullish reversal. Technically, the 65.67 – 66.58 area continues to hold, so we could look for fresh buying opportunities.
Also, its failure to reach the weekly S1 (67.57) signaled a potential bullish momentum. Jumping and stabilizing above the weekly pivot point indicates a potential growth towards the downtrend line.
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