Crude Oil Price Remains At Risk of More Losses

Key Highlights Crude oil price started a downward move after it broke the $63.40 support against the US dollar.There is a key bearish trend line formed with resistance at $61.85 on the 4-hours chart of XTI/USD.The IBD/TIPP Economic Optimism Index increased from 54.2 to 58.6 in May 2019.The EIA Crude Oil Stockpiles figure is likely to change by 0.744M, compared with the last...
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Crude Oil Price Remains in Uptrend Above $65.40

Key Highlights Crude oil price moved higher this past week and settled above $65.00 against the US dollar. There was a break above a crucial declining channel with resistance at $63.80 on the 4-hours chart of XTI/USD. The US Retail Sales in March 2018 increased 0.6% (MoM), more than the +0.4% forecast. China’s GDP in Q1 2018 grew 6.8%, compared with the forecast...
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Crude Oil Price Moved Into Bullish Zone above $61.50

Key Highlights Crude oil price formed a major support at $60.20 and moved higher against the US dollar. There was a break above a major bearish trend line with resistance near $61.25 on the 4-hours chart of XTI/USD. The price is now trading nicely above the $62.00 resistance and in a positive zone. Today in the UK, the CPI report for Feb 2018 will be released, and...
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Can Crude Oil Price Break This Crucial Resistance Post FOMC?

Key Highlights Crude oil price found support around $58.00 after the last decline and recovered against the US dollar. There is a crucial resistance zone forming near $63.00 on the 4-hours chart of XTI/USD. The price needs to break the $63.00 resistance to gain upside momentum towards $65.00-66.00. The US Manufacturing PMI in Feb 2018 (Preliminary) increased to 55...
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Crude Oil Price Forming Short-term Top?

Key Highlights Crude oil price struggled to break the $66.50-66.70 resistance area and declined against the US dollar. There was a break below a key contracting triangle with support at $64.30 on the 4-hours chart of XTI/USD. The $63.00 level is a crucial support on the downside followed by $62.60. The US Trade Balance in Dec 2017 posted a trade deficit of $-53.1B...
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Crude Oil Price to Decline Further Towards $55.00?

Key Highlights Crude oil price struggled to move above the $58.00-59.00 levels and moved down against the US dollar. There was a break below a major bullish trend line with support at $57.40 on the 4-hours chart of XTI/USD. The US Services PMI in Nov 2017 decreased from the preliminary reading of 54.7 to 54.5. Today, the US ADP Employment Change will be released f...
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