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ChristopherCarrollSmith

Oil price torn between Brexit deal and inventory data

Short
CFDs on Crude Oil (WTI) (FX:USOIL)  
ChristopherCarrollSmith Updated   
FX:USOIL   CFDs on Crude Oil (WTI)
Triangle Fundamental Analysis NEWS brexit Oil inventory EIA API
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triangle fundamental news brexit oil inventory eia api
This week there was a huge surprise US oil inventory build (10 million barrels, 3 times the analyst estimate) due to US sanctions against the shipping company COSCO. However, we also got a Brexit deal today. Oil has been struggling to decide which way to move on all this news. The trend appears to be downward, but it's not confirmed until it breaks below the triangle. Oil is a short only if and when it breaks below triangle bottom.
Comment:
Here are a couple shorter-term trend lines to watch on the hourly chart:

snapshot
Comment:
We appear to be going up rather than down!

snapshot

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