American Petroleum Institute (API) released its report showing that U.S. oil inventories climbed 4.3 million barrels last week.
USD Crude Oil Inventories actual : +0.2M vs prediction -1.5M.
Written by Oil N' Gold | Wed Aug 26 09 06:29 ET
Nymex Crude Oil (CL)
Crude oil retreated sharply after hitting 75.0 and touching of 71.75 minor support suggests that an intraday outlook is in place. Outlook is turned neutral for the moment. Crude oil is near to an important long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2) and upside momentum is somewhat diminishing. But there is no clear sign of topping yet. Another rise might still be seen as long as near term trend line support (now at 67.00) holds. Above 75 will target 76.77 next. However, break of the trendline will be an important signal that rise from 58.32 has completed and will flip intraday bias back to the downside to 65.23 for confirmation.
In the bigger picture, recent development indicates that rise from 33.2 is still in progress. Nevertheless, there is no change in the view that such rise from 33.2 is a correction to whole down trend form 147.27. Hence, stronger resistance is expected as crude oil enters into 76.77/90.24 fibo resistance zone (38.2% and 50% retracement of 147.27 to 33.2) and bring reversal finally. On the downside, break of 65.23 support will now be an important signal that crude oil has already topped out and will turn focus back to 58.32 key support for confirmation.
No comments:
Post a Comment