CRUDE OIL (WTI): Time For Pullback
Updated
Some analysts say U.S. gasoline inventories are finally falling, as many oil bulls had hoped. Inventories are now at their lowest level since November, with inventories in the Gulf Coast region falling by more than 3 million barrels. A drop in total U.S. gasoline imports last week may have contributed to the inventory drawdown, but a key culprit may have been a slowdown in refinery production
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WTI Oil may pull back from a recently broken
daily structure resistance that turned into a support now.
As a confirmation, I see a double bottom pattern on an hourly time frame.
I think that the price can bounce to 79.25 level.
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Gold fell sharply as the US jobless benefit data came in line with our expectations and the dollar also rose.Trade active
Us oil yesterday under pressure 79 line shock and then repair, below the 78 line although there is a stop, but the evening US EIA data brought negative impact, resulting in crude oil further withdrawal adjustment, fell back to 77 line, the daily line again closed a negative line, fell back to 20 days below the line.
Looking back at the decline of crude oil in the past two days, there are two main reasons: first, the early rise is too excited, completely beyond the technical expectations of the trend, and finally the pressure is obvious in the 80 line, and the technical repair needs are urgent; Second, the market at the beginning of the week, the risk of the geopolitical situation, resulting in the market has risen for several days to continue to extreme pull up, and the geopolitical situation did not happen as the market fears, more news failed, resulting in bulls taking the opportunity to take profits, at least Monday's dayyang space to give up. It can also be seen from such a trend that whenever the market maliciously hypes the geopolitical situation expectations, it is very unfavorable for long and short, and the risk of artificial control is too great.
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Today, it is expected that the probability of US oil will have a certain continuation of repair, the market has reversed the extreme pull up on Monday, indicating that the market may return to the technical trend, then the day below may return to the 10-day line 76.2-0 to find support, the day above is concerned about the pressure near the 5-day line 78, temporarily looking at the volatility in this range. The operation can also be carried out around the 78-76 range of short line low altitude.Trade active
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