U.S. Commercial Crude Oil Inventories news event: intra-day bearish breakdown, daily correction

U.S. Commercial Crude Oil Inventories news event: intra-day bearish breakdown, daily correction

24 August 2016, 17:18
Sergey Golubev
2
80

2016-08-24 14:30 GMT | [USD - Crude Oil Inventories]

[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.

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"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.5 million barrels from the previous week."

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Crude Oil M5: bearish breakdown. The price broke 100 SMA/200 SMA for the breakdown to the bearish area of the chart: price broke 100 SMA/200 SMA reversal area for the primary bearish market condition with 48.85 support level as a nearest intra-day bearish target.

If the price breaks 49.46
resistance level so the reversal of the intra-day price movement from the primary bearish to the primary bullish market condition will be started.
If the price breaks 48.85 support so the intra-day primary bearish trend will be continuing.
If not so the price will be on ranging within the levels.


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Crude Oil Daily: bullish ranging or correction to be started. The price is above 100 SMA/200 SMA reversal area in the bullish are of the chart: price is on ranging within 51.18 resistance level and 41.49 support level.

If the price breaks 51.18 resistance on close daily bar so the primary bullish trend will be continuing.
If the price breaks 41.49 support level on close daily bar so the reversal of the price movement from the primary bullish to the primary bearish market condition will be started.
If not so the price will be on bullish ranging within the levels.

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