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By: Ahura Chalki
EIA against API!
The most important routine weekly news for WTI supports the prices. The Energy Information Administration’s (EIA) weekly report, confirmed the weekly change in the number of barrels of commercial crude oil held by US firms, felt by -1.085M comparing with -1.288M market expected and 0.822M barrels of last week. For now, this report of EIA and New Year holiday demand will support the prices, fundamentally, while stock markets also are in the bullish zone, still.
WTI Technical Analysis:
Moving between the middle and upper line of BB, while RSI also moves above 65, supports the bulls. EMA crossing strategy also, same as Parabolic SAR, both remain more bullish, while Stochastic is about the correction in this level. WTI trading at $60.73 at the moment and as long as trading is above60.60 level, it is a strong confirmation of more bulls. September month high, near $63.15, looks like next bullish stop and May 20 low near $62.60, is its confirmation level. On the flip side, decline bellow $60.60 with breaching the $59.85, can bring the bears back into the game.
Pivot point: 60.66
Resistance levels: 61.15 / 61.51
Support levels: 60.30 / 59.81
Today, the expected trading range is between 59.81 support and 61.51 resistance.
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