US CRUDE OIL TECHNICAL ANALYSIS SHORT TERM VIEW
15 minute chart showing calculations it is running in positive trend and stop loss is 75.20 level . It can rise towards 83 level .Intraday purpose buying is better with stop loss 75.20 level expecting intraday targets 79.50 , 79.80 and 80.20 levels respectively .Support area is 77.16 to 78.34 level . ABC pattern completed and now it reversed for target 83 dollar or higher levels .
QUICK FUNDAMENTAL LOOK
U.S. crude oil inventories dropped by 3.5 million barrels to 433 million barrels in the week ended July 26, the U.S. Energy Information Administration reported Wednesday.
POC = Risk is a part of trading, use caution when placing orders and take market advice only into account.