US Oil (WTI) has decreased a little but the correction seems over after failing to take out the immediate downside obstacles. The major uptrend is still intact, that’s why we could see further growth.
The US is to release the Crude Oil Inventories later today. The indicator is expected to drop again in the negative territory, from 0.6M to -0.9M. This scenario could help the price to increase in the short term.
Actually, a larger decline in crude inventories should boost the US Oil which maintains a bullish outlook.
US Oil found strong support at 56.24 below the lower median line (LML) of the descending pitchfork. Its failure to stabilize under the 23.6% retracement level signaled that the corrective phase is over.
Now is traded back above the descending pitchfork’s median line (ML) signaling strong buyers in the short term. Stabilizing above the weekly pivot (62.38) and beyond the median line could bring a new long entry soon.
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