Our overview: API report that this week crude oil inventories in the United States fell by 817,000, gasoline inventories also fell by 898,000 barrels, and distillate inventories rise by 2.806 million barrels. Let's see if the official EIA report will confirm the "not so brilliant" crude oil stockpile, and the OPEC+ decisions in the upcoming meeting, will be able to give more steam to the market for a Christmas rally.
Technical signals: RSI and Stochastic in positive area.
Trends analysis: Positive with a potential extension till $81.50/$82.00, if OPEC+ will confirm a robust production's cut. So this is the updated reading: primary(purple): downward impulsive structure wave 4 with target @$80.00/$81.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 2.
Our strategy: Delta barely negative, following a potential technical pull back till $75.70! Then positive looking for the upward trend extension till area $79/$80/$82. Stop: on breakout @$70.00 and reverse delta to moderately positive(at least +0.30)
Our current position's delta: @$76.46: -0.12
Target @$77.90
Target @$78.60
Target @$79.75
Stop on breakout @$70.00
Target @$75.75
Target @$74.60
Target @$73.30