U.S. crude oil inventories are forecasted to grow by 1.2 m
U.S. crude oil inventories are forecasted to grow by 1.2 million barrels for the week ending May 3, a decrease from the 7.3 million barrel surge reported in the prior week, according to strategists at Macquarie in a recent Monday briefing.
The overall U.S. crude balance is projected to be considerably looser than previously expected.
technically:
The price already dropped as we mentioned in the previous idea, and still trading at the bearish zone to reach 75.35.
so the bearish trend suggestion will continue as long as trades under 78.78 toward 76.60 and 75.35
the price will move between 80.73 and 75.35 for this week
Pivot line: 78.78
Support lines: 76.60, 75.35, 69.78
Resistance lines: 80.73, 82.24, 83.75
PREVIOUS IDEA:
The overall U.S. crude balance is projected to be considerably looser than previously expected.
technically:
The price already dropped as we mentioned in the previous idea, and still trading at the bearish zone to reach 75.35.
so the bearish trend suggestion will continue as long as trades under 78.78 toward 76.60 and 75.35
the price will move between 80.73 and 75.35 for this week
Pivot line: 78.78
Support lines: 76.60, 75.35, 69.78
Resistance lines: 80.73, 82.24, 83.75
PREVIOUS IDEA:
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~6 analyses per day. With a clear entry point
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