- – Crude oil price is in a decent uptrend above the $57.00 support against the US Dollar.
- – There is an ascending channel forming with support at $57.75 on the hourly chart.
- – Recently in the US, the EIA Crude Oil stockpiles figure (Dec 15, 2017) was released by the Energy Information Administration.
- – As per the agency, the EIA Crude Oil stockpiles were down -6.495M compared with the forecast of -3.769M.
EIA Crude Oil Stockpiles Report
Recently in the US, the EIA Crude Oil stockpiles report (Dec 15, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to decline by around -3.769M compared with the last reading of -5.117M.
However, the actual result was better than the forecast, as the EIA Crude Oil stockpiles declined -6.495M, compared with the forecast of -3.769M. This reading was also better than the last -5.117M. Moreover, if we consider without the inclusion of the U.S. Strategic Petroleum Reserve, the crude stocks were down to 436 million barrels, which was the lowest reading since Oct 2015.
It looks like a decent uptrend is forming for Crude oil price above the $57.50 level and it might continue to move higher in the near term.
Oil Price Technical Analysis
A support base was formed at $56.00 in Crude oil price against the US Dollar. The price started a nice upside move and moved above the $57.00 resistance and the 100 hourly simple moving average.
The price made a nice upside move and traded above the last swing high and the 1.236 Fib extension of the last drop from the $57.74 high to $56.84 low. It seems like there is an ascending channel forming with support at $57.75 on the hourly chart.
The channel support at $57.75 is also around the 100 hourly SMA. Therefore, if the price moves down from the current levels, it will most likely find strong buying interest around $57.70.
On the upside, the price may test the 1.618 Fib extension of the last drop from the $57.74 high to $56.84 low at $58.30. Above $58.30, the price could even test the $58.50 level.
Also published on Medium.Tags: Crude Oil, Crude Oil Price, Oil Price, Oil Price Analysis, Oil Price Chart, Oil Price Technical Analysis, US Dollar