Wednesday, August 15, 2018

USOIL - 16 August 2018


Fundamental Highlights

Crude oil broke below the $66.30 July '18 swing low and a multi-month bullish trend line as bears are challenging the main bull trend. The black gold remained under pressure after Crude oil inventories came at 6.8 million barrels - versus -2.6 million barrel estimated.

Technical Analysis

Technically, the price is trying to pick up some momentum to fight its way up till the $66 resistance level as the RSI is showing some relative strength bouncing off from oversold conditions while a double bottom pattern seems to be in place. If the price fails to break above it, then the bearish bias will continue to dominate and we will witness some new recent lows.

Support: 64.6 63.5
Resistance: 65.88 68.3

Chart (H1)