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WTI Crude Oil Forecast And Trade Idea

TVC:USOIL   WTI 原油差价合约
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Today is Wednesday and again will be high volatility on CRUDE OIL futures due to EIA Crude Oil Inventories reports.

Oil continues to be a game of two halves, with Brent reacting positively to the overnight American Petroleum Institute’s ( API ) crude inventory data, while WTI continued to sag as Hurricane Harvey necessitated refinery shutdowns, leaving U.S. crude with no home to call its own.

I want to point out some issue. First of all, we are bearish and we closed a lot of short orders with more than 1500 pips and still have open positions looking forward to hitting their targets. CRUDE OIL is a difficult instrument to trade, especially on EIA Reports’ announcement. Following are the data to be released.

10:30 USD Crude Oil Inventories -1.908M -3.327M
10:30 USD Crude Oil Imports 0.605M
10:30 USD Cushing Crude Oil Inventories -0.503M
10:30 USD Distillate Fuel Production -0.196M
10:30 USD EIA Weekly Distillates Stocks -0.846M 0.028M
10:30 USD Gasoline Production 0.518M
10:30 USD Heating Oil Stockpiles 0.450M
10:30 USD Gasoline Inventories -0.989M -1.223M

First data ( Inventories ) is the most important one. But you need to pay attention to Cushing Crude Oil Inventories data as well. In case of one data is positive and the other is negative Crude Price can make zigzag movement.

Technical Analysis:
I have published before. Symmetrical Triangle supposed to be broken down ward and it did. We still have minimum 500 pips potential down side action. There is a critical support @ 42.47 but before this level, another line must be broken. It is the Fibonacci Retracement 0.236 @45.40. I believe this level will be tested today.
Crude Oil H4 Chart

Upper side of the current level , 46.54 and 47.03 are the possible levels likely to be tested. Any upward price actions towards those levels can be used as a SELL opportunity.

46.10 , 45,70 and 45.40 are the price levels and 45.40 is the major support. Breaking below 45.40 will accelerate the downside movements towards 42.40

I have updated our open trades for our premium members.

Summary: CRUDE BEARISH . Our stop loss is @49.60
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