Crude Oil Rose By Lower EIA Inventories
Crude Oil rose about 1.1% by the lower EIA inventories of about 0.431 million barrels in the week ending October.
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The market closed with the outside bar which may be the sign for change in the market context from bullish to balanced in this particular case.
Today the market declined about 0.7% and retraced towards the Quarter’s DVAH level. The level is confluent with the hourly EMA50 which might serve as support for buyers. Sellers could target the swing lows for an area of interest below it. Yesterday’s VWAP close level could be the next possible line of support. Waiting for the market to establish the mentioned balance area to lean on the extremes might be the plan after the outside bar closes.
Gasoline and Heating Oil were the only products with a rise in inventories. Meanwhile, China mentioned trying to cool the coal prices by intervening and would ensure coal mines operate at full capacity as higher production might be able to lower prices as well.
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