Crude Oil Price Trading Near Make-or-Break Levels

Key Highlights Crude oil price declined steadily and traded below $55.00 against the US dollar.A key bearish trend line is forming with resistance near $55.40 on the 4-hours chart of XTI/USD.The US ADP Employment changed 135K in Sep 2019, less than the 140K forecast.The US ISM Non-Manufacturing Index could decline from 56.4 to 55.0 in Sep 2019. Crude Oil Price Technical ...
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Crude Oil Price Remains Supported Near $50

Key Highlights Crude oil price traded higher recently and tested the $53.20 resistance against the US dollar. There is a key bullish trend line formed with support at $50.45 on the 4-hours chart of XTI/USD. The US Import Price Index in Dec 2018 declined 1% (MoM), which was better than the -1.3% forecast. Today, the US Initial Jobless Claims for the week ending Jan...
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Crude Oil Price Rebounds After Forming Support Near $50

Key Highlights Crude oil price formed a decent support near $49.50 and $50.00 against the US dollar. There was a break above a major bearish trend line with resistance at $51.50 on the 4-hours chart of XTI/USD. The Euro Zone Services PMI in Nov 2018 increased from 53.1 to 53.4. Today, the US Services PMI for Nov 2018 will be released, which is forecasted to remain...
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Crude Oil Price Tumbles Below $60.00

Key Highlights Crude oil price extended losses and traded below the key $60.00 support against the US dollar. There was a break below a crucial declining channel with support at $58.00 on the 4-hours chart of XTI/USD. The US CPI in Oct 2018 increased 0.3% (MoM), similar to the forecast. Today, the US Retail Sales for Oct 2018 will be released, which is forecasted ...
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Crude Oil Price Recoveries Remain Capped

Key Highlights Crude oil price started a major downside move from the $77.00 resistance against the US dollar. There are two bearish trend lines in place with resistance at $68.50 on the 4-hours chart of XTI/USD. The Euro Zone CPI in Oct 2018 (Preliminary) increased 2.2% (YoY), similar to the forecast. Today, the US ISM Manufacturing PMI for Oct 2018 will be relea...
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Crude Oil Price Holding Key Uptrend Support

Key Highlights Crude oil price corrected lower and tested the $73.00 support area against the US dollar. There are two bullish trend lines in place with support at $73.30 and $72.40 on the 4-hours chart of XTI/USD. The NFIB Business Optimism Index in Sep 2018 declined from 108.8 to 107.9. The US Producer Price Index for Sep 2018 will be released today, which is fo...
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Crude Oil Price Could Revisit $66.50, Upsides Remain Capped

Key Highlights Crude oil price completed an upward recovery above the $70.50 level against the US dollar. There was a break below a crucial ascending channel support at $69.05 on the 4-hours chart of XTI/USD. The US ADP Employment change came in at 219K, more than the 185K forecast. The Federal Reserve kept the interest rates at 2%, in line with the market expecta...
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Can Crude Oil Price Trade Above $72?

Key Highlights Crude oil price stated a fresh upside wave from the $63.50 support area against the US dollar. There was a break above a key bearish trend line with resistance at $66.00 on the 4-hours chart of XTI/USD. The US S&P/Case-Shiller Home Price Indices in April 2018 increased 6.6%, less than the forecast of 6.8%. Today in the US, the Pending Home Sales...
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Crude Oil Price Turned Bearish Below $66.00?

Key Highlights Crude oil price started a fresh downside move and declined below the $66.00 support against the US dollar. There is a major bearish trend line in place with resistance at $65.90 on the 4-hours chart of XTI/USD. The US Services Purchasing Managers Index (PMI) in May 2018 increased to 56.8 from 55.7. Today in the US, the Trade Balance figure for April...
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