Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Crude oil breaks minor trend line support, dip till $64 likely

  • Major resistance- $66.63.
     
  • US oil declined slightly after jumping once again slightly above $66. It has broken minor trend line support $65.80 and declined till $65.69. The main reason for decline in oil price was due to slight increase in US inventory. It is currently trading around $65.88.
     
  • EIA has reported US crude oil inventories increased by 6.8 million bbls compared to forecast of 0.1 million bbls.
     
  • Technically, the pair has formed a double top around $66.63 and any major bullishness can be seen only above that level. Any break above will take the commodity to next level till $67/$67.25.       
     
  • On the lower side, near term support is around $65.27 (38.2% fibo) and any violation below will drag the commodity till $64.90 (233- H MA)/$64.

It is good to sell on rallies around $65.85-90 with SL around $66.65 for the TP of $64.90/$64.

 

 

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2018-02-19 16:32:32
0m
2018-02-19 16:31:45
0m
2018-02-19 16:30:45
0m

February 19 13:00 UTC Released

RUReal Wages YY

Actual

6.2 %

Forecast

4.6 %

Previous

4.6 %

February 19 13:00 UTC Released

RURetail Sales YY

Actual

2.8 %

Forecast

3 %

Previous

3.1 %

January 31 00:00 UTC 2845328453m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2845328453m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4027340273m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 2845328453m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4027340273m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 2845328453m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2845328453m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2845328453m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.