Crude Oil Supplies At The Highest Mark In 83 Yrs

Posted by: : Paul EbelingPosted on: April 24, 2014 Crude Oil Supplies At The Highest Mark In 83 Yrs

Crude Oil Supplies At The Highest Mark In 83 Yrs

Crude Oil prices declined 0.35% Vs the USD for the 24 hr period ending 23:00 GMT, closing at 101.58, after the Energy Information Administration (EIA) reported that US Crude Oil inventories rose by 3.5-M bbl to 397.6-M bbl  for the week ended 11 April, the highest level in 83 yrs.

The escalating tensions between Russia and Ukraine and the latest batch of strong manufacturing PMI data from the Eurozone, kept the energy component’s losses in check.

In the Asian session, at GMT0300, Crude Oil is trading at 101.67, 0.09% higher from Wednesday’s close.

Crude Oil is expected to find 1st support at 101.22, a break there take it to the next support at 100.77.

Crude oil is expected to find 1st resistance at 102.10, and a break there could push it to next resistance at 102.53.

Crude Oil is showing convergence with its 20 Hr MA, and is trading below its 50 Hr MA.

Generally, the Southside move is expected Thursday as long as the price is stable below 102.00, and breaking 101.05 represents a  catalyst to extend the expected Southside move.

Support: 101.05, 100.60, 100.00, 99.00, 98.40

Resistance: 102.00, 102.65, 103.05, 104.00, 104.70

Recommendation: Sell below 102.00 targeting 101.05 and 100.00 with stop-loss above 103.00.

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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