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By: Ahura Chalki
API report sent Oil price deeper!
Today, the Market is expecting -2.694M change in the number of barrels of commercial crude oil held by US firms by EIA report, while yesterday (API) the American Petroleum Institute reported -1.401M Oil and product is available in storages, while last week this number was -8.129M. This improvement was enough to send the Oil price under $58 from above $60. Currently, it is trading around $57.65 and waiting for EIA report to keep its one week low and moves deeper or back to recover it.
From the technical side, all indicators remain of more bearish. RSI moves nearby 30-level with a slope down line, while 14-day MA and Parabolic SAR also confirming that. Stochastic also still moves in the bearish zone, for now.
Pivot point: 58.10
Resistance level: 59.05 / 61.05
Support level: 56.08 / 55.13
The expected trading range for today is between 56.08 support and 59.08 resistance.
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