US CRUDE OIL
WTI oil fell over $1 and broke below psychological $70 support after EIA crude stocks report showed unexpected build of US crude inventories last week. Crude stocks rose 6.49 million barrels, compared to previous week's build of 5.89 million barrels and forecast for 1.6 million barrels build. Oil is down over 3% for the day and around 1.7% after report's release, with extension below $70 handle, penetrating daily cloud (spanned between $69.89 and $68.51), generating negative signal. Extension of bear-leg from $76.88 (03 Oct high) eyes targets at $69.44 (100SMA) and $69.19 (Fibo 61.8% of $64.43/$76.88) to confirm reversal. Daily close below broken $70 support would be bearish signal to support negative scenario.
Res: 70.00; 70.49; 71.51; 72.42
Sup: 69.44; 69.19; 68.51; 67.93
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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