Daily Outlook CL (Short term/Long term)

EIA reports are published at 10:30am EST today, these usually move price significantly. The report along with various sentiment can be viewed here investing.com/economic-calendar/eia-crude-oil-inventories-75

Short Term: After a failed bearish breakout yesterday, price maintained itself in a bullish channel during asian trading. Today's reports will probably determine which way it breaks out. With relatively more proximal resistance than support, there is more downside than downside potential.

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Long Term: Despite recent bullish activity, there is heavy overhead resistance which will likely limit upside potential. Barring any macro events (Trump in Syria), there is more downside potential from a statistical perspective.

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