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By: Ahura Chalki
API better than last week, what about EIA?
API report over the night was – 6.024 M barrels, compared with -10.961 M of last week, shows improvement in inventory levels of US crude oil, gasoline and distillates stocks. This report worked as a brake on the Oil price for more bullish overnight and it is trading flat after that, waiting for EIA report, later today. -2.588M seems like a number that can be beaten for this week, after API positive reports. Beside them, today’s FED press conference after the rate decision also can be important, since markets will know about future policies of the banks.
From the technical side, US Oil trading above its SMA14, while Parabolic SAR also still forming its dots under candles, remains of more bullish. RSI moves above 70-level, and with Stochastic correction signal, we may see bearish before the EIA report.
Pivot point: 58.003
Resistance levels: 59.10 / 59.56
Support levels: 57.56 / 56.50
The expected trading range for today is between 56.50 support and 59.56 resistance.
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