By: Ahura Chalki
Will the EIA report can cover API weakness?
The Oil price jumped almost one dollar after yesterday’s late API report. The American Petroleum Institute reported more than a 3M decrease in US crude oil, gasoline and distillates stocks. Today EIA report will be in focus, this data will make it clear where the Oil price goes. If it will be also less than forecast, -3.081M, considering US- Iran tensions on the Persian Gulf, Oil will try to test above $60 level.
From the technical side, with moving above 200 days moving average and Parabolic SAR forming, both indicators clearly remain bullish signal in H1 and H4 charts. This is what exactly RSI also confirming with moving above 65-level. However Stochastic shows a correction signal in this level.
Pivot point: 58.20
Resistance levels: 59.05 / 59.58
Support levels: 57.67 / 56.82
The expected trading range for today is between 57.67 support and 59.58 resistance.
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