📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Crude oil price managed to break 89.35 level and moves away from it now, to activate the negative effect of the head and shoulders’ pattern and gets negative motive that we are waiting to push the price towards 87.16 as a next main target. Therefore, the bearish trend scenario will remain dominant for the rest of the day, supported by moving below the EMA50, noting that the continuation of the bearish wave depends on the price stability below 89.35 and the most important below 90.15. The expected trading range for today is between 87.50 support and 90.50 resistance.
📊QUICK FUNDAMENTAL LOOK
The Energy Information Administration reported a drop of 2.1 million barrels in US crude stocks last week, while analysts expected a drop of 1.3 million barrels. Gasoline stocks fell 800 thousand barrels to 219.5 million barrels, as distillate stocks fell 2.9 million barrels to 119.7 million barrels.
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