Crude Oil Heading Towards 61.8% Retracement – EIA Report Up Next
Crude oil continues to trade bullish as traders remain wary over the supply outlook. The factors impacting oil prices at the moment include:
- The OPEC and Russia led output cut.
- The trade deal sentiments between US-China, relaxing the trade war issue.
- Weaker dollar on Fed Chair’s dovish sentiment.
Crude Oil Inventories – The Energy Information Administration is due to release inventories data at 15:30 (GMT) with a forecast of 2.8M build vs. 3.7M previously. Most of the market movement will depend upon the release of data.
More than 5M build in inventories can trigger a sharp sell-off in oil. Conversely, a draw of -5M inventories can trigger a buying trend.
WTI Crude Oil – Technical Outlook
Looking at the technical side, crude oil is facing a solid resistance near $56.70 (61.8% Fibo Level). The 100 periods MA is blocking its way to the upside. The support remains at $55. The violation of $56.70 can lead to oil prices towards $57.10 and $57.70.
Support Resistance
55.5 56.46
54.89 56.81
53.93 57.78
Key Trading Level: 55.85
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