Brent oil - Bearish divergence, gasoline inventories rise

FX:UKOIL   CFDs on Crude Oil (Brent)
Resistance - $52.83, $53.05, $54.00

Support - $52.43, $51.91, $51.50

  • Us weekly inventory data released yesterday showed inventories fell for the third consecutive week, dropping by 3.2 million barrels versus expectations for a 2.7 million-barrel drawdown. This is a good news since it shows suppliers trust the current rally in prices
  • However, gasoline inventories grew by 1 million barrels and distillates, which include diesel and heating oil             , rose by 1.8 million barrels. Markets were expecting a drawdown here as well. This might be a one-off figure but could be enough reason for bulls to take some profit, especially since the prices are overbought as per daily as well as intraday RSI .
  • Consequently, we may see prices breach support at $52.43 and drop to rising trend line support on hourly around $52.00 levels. A violation there might trigger a slide to $51.50.
  • On the other hand, a rebound from rising trend line level followed by a break above yesterday's high of $52.83 would shift risk in favor of a further rally towards $54.00 levels.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out