The Crude Oil gained some support after the API report showed a drop of -1.050M in the Crude Oil Inventories. Today, there are two reasons to expect a bullish movement in the Oil….

WTI Crude Oil – Key Points To Note 

The API inventories surprised the Oil traders as most of them were expecting a build of 2.5M in inventories rather than a draw of -1.050M. That being said, the investors are expecting the same kind of figures from the EIA.

Anyways, the EIA stockpiles are expected to show a build of 3.189M in inventories. In case, the market shows a draw of -2M or more, we can expect the bullish trades in the Oil.

Crude Oil – 240 – Min Chart

Technically, the WTI is holding right above a significant support level $63. On the same level, the Crude oil has complete it’s bullish harmonic pattern which is also supporting Oil before the news.

But candlesticks on the 4 – Hour chart are directing a solid bearish momentum. The bearish Marubozu and the long bearish candles are favoring the selling bias.

WTI Crude Oil – Trade Idea

Fellows, it’s time for Oil to determine it’s weekly trend. The break and close below $63 can add more bears in the market until $62.20 and $61.65. Whereas, the Oil can stay bullish above $63 for the target of $64.15 and 65.