Crude oil stuck in sideways channel – Wait for breakout on EIA!

Posted Wednesday, August 15, 2018 by
Arslan Butt • 1 min read

Crude oil slipped during the Asian session, pulled down by a report of rising US crude inventories. According to the API report, the US crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels. Can we expect the same from EIA?

Well, we need to wait and watch as economists are expecting a drop of -2.6M inventories last week vs. -1.4M earlier. The data can keep the oil supported until the actual figures are out.

 

WTI Crude Oil - 2 Hour Chart

WTI Crude Oil – 4 Hour Chart

The immediate resistance is likely to be at $68.10 and $68.65. Whereas, the support prevails at $66.55 and $65.70. If you are interested in weekly trading levels, check out our recent update.

For today, taking buying positions only above $66.55 seems to be a good idea.

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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