US Oil dropped in the short term but the bearish movement was stopped by the 76.88 - 76.23 support zone. Now it has rebounded a little but the downside pressure remains high. Fundamentally, the Crude Oil could try to rebound as the Crude Oil Inventories came in at -3.7M below -2.6M expected.
Technically, the WTI failed to stay below the channel’s downside line. Now, it has retested the 76.88 support. As long as it stays above 76.88 - 76.23, the price could give birth to a new bullish momentum. Only a valid breakdown and a new lower low activates more declines.
Information on the Learn2.trade website and inside our Telegram Group is intended for educational purposes and is not to be construed as investment advice. Trading the financial markets carries a high level of risk and may not be suitable for all investors. Before trading, you should carefully consider your investment objectives, experience, and risk appetite. Only trade with money you are prepared to lose. Like any investment, there is a possibility that you could sustain losses of some or all of your investment whilst trading. You should seek independent advice before trading if you have any doubts. Past performance in the markets is not a reliable indicator of future performance. Learn2.trade takes no responsibility for loss incurred as a result of the content provided inside our Telegram Groups. By signing up as a member you acknowledge that we are not providing financial advice and that you are making the decision on the trades you place in the markets. We have no knowledge of the level of money you are trading with or the level of risk you are taking with each trade.