Wednesday, August 15, 2018

USOIL

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Fundamental Highlights

US crude inventories rose by another 3.7 million barrels, bringing the total to 410.8 million barrels of excess supply according to the American Petroleum Institute (API). The prices are back below the $67 level as investors are carefully awaiting for today's EIA's Crude oil inventories data which is expected to print lower than last week by 1.2 million barrels. Depending on how it prints, the price could go up above the $68 level or retreat back towards the $66 support level.

Technical Analysis

Technically, the price is trying to pick up some momentum to fight back the $67 resistance level as the RSI is showing some relative strength. If it fails to break above it, than a continuation of the recent bearish move will likely happen and we will be focusing on the $66 support level.

Support: 66.6 66
Resistance: 67 67.5

Chart (H1)
USOIL_20180815

 
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