Crude Below Triple Top – Wait for the Breakout!
Arslan Butt • 1 min read
Despite the release of the Crude Oil inventories figures, the Crude Oil failed to break out of the range. Today, the Oil is trading with the same technicals but the fundamentals are likely to drive Oil today.
WTI Crude Oil – Fundamentals Analysis
At the moment, the Crude Oil is supported by the number of fundamentals.
Crude oil prices are supported by solid GDP figures for the third quarter in China as China is the world's second-largest crude importer, and rising demand by the nation's refineries.
EIA Weekly Crude Oil Stock
The EIA reported a drop of nearly 5.7 million barrels from the previous week. It was expected to drop by -4.7 million. Overall, the inventories are falling 1.1 million barrels a day in US production from the lower 48 States, putting total output at 7.9 million barrels a day.
Crude Oil – 2 Hours Chart
Crude Oil – Trading Plan
Fellas, I'm sticking with the same plan. Keep monitoring the crucial level $52.75. The idea is to stay bullish above this with a target of $53.45. Whereas below $52.75 the Oil is likely to stay bearish until $51.50. Good luck!