Can Crude Oil Price Break This Vs US Dollar?
- – Crude oil price is moving higher from the $62.00 swing low against the US Dollar.
- – There was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.
- – Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration.
- – As per the agency, the EIA Crude Oil stockpiles fell by -4.617M, whereas the market was looking for a rise of 0.246M.
EIA Crude Oil Stockpiles Report
Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to rise by around 0.246M, a bit less than the last increase of 1.643M.
However, the actual result was better than the forecast as the EIA Crude Oil stockpiles fell by -4.617M. Moreover, the Crude stocks at the Cushing, Oklahoma rose by around 3.7M barrels. Lastly, the U.S. crude production increased further and climbed to 10.46 million barrels.
The result was positive and helped oil price in gaining momentum above the $63.00 resistance level.
Oil Price Technical Analysis
After a substantial decline, Crude oil price found support around the $62.00 level against the US Dollar. The price traded as low as $62.04 and started an upside move. It traded higher and broke the $63.00 resistance to set the pace for more gains.
During the upside move, the price broke the 38.2% Fib retracement level of the last decline from the $65.30 high to $62.04 low. Moreover, there was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.
At the moment, the price is trading near a major hurdle at $63.70 and the 100 hourly simple moving average. The same level is near the 50% Fib retracement level of the last decline from the $65.30 high to $62.04 low.
Therefore, a break above the $63.70 level and the 100 hourly SMA won’t be easy. If buyers succeed in pushing the price above $63.70, there could be more gains above $64.00 in the near term.
Also published on Medium.
