US Oil is trading in the green at 71.65 at the time of writing. The bullish pressure is high, so further growth is favored. Technically, the price action failed to take out a major support zone indicating that the buyers are still in the game.
Later today, the US is to release the Crude Oil Inventories indicator which is expected at -3.3M in the previous week higher versus -6.4M in the former reading period. Worse than expected data could send the WTI price higher.
US Oil Technical Analysis!
Technically, the US Oil failed to stabilize below the 69.86 support and under the descending pitchfork’s median line (ml). It has jumped above 71.46 former high and now it tries to stabilize above the weekly pivot point (71.51).
It has decreased a little to retest the ascending pitchfork’s median line (ML) which is seen as a dynamic support. A bullish closure above 71.78 immediate high could signal further growth towards the upper median lines (UML, uml).
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