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 Rallies To New 2019 High

Key Highlights Crude oil price started a strong rise and traded to a new 2019 high above $64.00 against the US dollar.There was a break above a bullish flag pattern with resistance at $62.40 on the 4-hours chart of XTI/USD.The US CPI in March 2019 increased 0.4% (MoM), more than the +0.3% forecast.The US PPI in March 2019 could rise 0.3% (MoM), less than the last +0.1%. ...
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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 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 Remains in Uptrend Above $71.30

Key Highlights Crude oil price is trading with a bullish bias above the $71.00 support against the US dollar. There is a key ascending channel in place with support at $71.40 on the 4-hours chart of XTI/USD. The Fed increased interest rates from 2.00% to 2.25%. The US GDP for Q2 2018 will be released today, which is forecasted to grow 4.2%. Crude Oil Price Tech...
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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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Crude Oil Price Broke Key Support, Could Decline Further

Key Highlights Crude oil price topped near the $75.20-30 area and declined recently against the US dollar. There was a break below a major bullish trend line with support at $70.40 on the 4-hours chart of XTI/USD. The US Industrial Production in June 2018 increased 0.6%, similar to the forecast. Today in the US, the Building Permits figure for June 2018 (MoM) will...
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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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