WTI crude oil trend is neutral, with more bearish conditions

Oct 24

USOIL continued to recover from a decrease of 1% in the previous trading day after the US announced that crude oil inventories increased much higher than expected. After falling back, it continued to rise as the US election approached causing commodities to revive inflation expectations and the possibility of a further recovery in oil prices.

The U.S. Energy Information Administration (EIA) said on Wednesday that crude oil inventories rose sharply, rising 5.5 million barrels to 426 million barrels in the week ended October 18, compared with market expectations. market for an increase of 270,000 barrels.
Current concerns about potential oil supply risks due to conflict in the Middle East have partly offset the impact on crude inventories.

On the daily chart, USOIL Trading is currently quite slow with price activity mainly around the EMA21 level.
Although WTI crude oil has recovered, the recovery is still temporarily limited by the resistance level of 72.39 USD and the 21-day moving average (EMA21). In case WTI crude oil price increases and breaks the level of 72.39 USD, it will tends to rise a little further to test the 0.382% Fibonacci retracement level.
The current recovery level of WTI crude oil is still not enough to create a bullish cycle as the Relative Strength Index is also approaching point 50, a position considered to be under pressure in terms of momentum.
Once WTI crude oil is sold below the 0.236% Fibonacci retracement level, the recovery cycle will end with the target level then around $68.19 in the short term, more so than $67.14.

During the day, the technical outlook for WTI crude oil is currently neutral, with more bearish conditions and notable levels listed below.
Support: 70.56 – 68.19USD
Resistance: 72.39 – 73.80USD

Oct 28

Note

Oct 29

Note

Crude oil prices returned to a weakening trend with the appearance of falling price models. Demand trends from China further reinforce these technical signals as the country's imports are down 350,000 barrels/day this year.

Nov 27

Note

Long-standing geopolitical tensions in the Middle East have cooled following the announcement from President Biden of a ceasefire agreement between Lebanon and Israel. This development caused crude oil prices to be unable to maintain a slight recovery on Tuesday from the bottom of more than a week

Dec 9

Note

USOIL continued to fall within the descending channel and closed below both EMAs, suggesting further downside potential.