WTI crude oil futures settle at $56.77

Technical Analysis

Author: Greg Michalowski | wti-crude-oil-futures

Down $0.35 or -0.61%

The price of WTI crude oil futures are settling at $56.77. That is down $0.35 or -0.61%

The  high for the day reached $57.79 while the low extended to $56.63.

The DOE weekly inventory data showed a stronger-than-expected build in crude oil stocks by 2.219M vs 1.5M estimate. The the private API data last night showed a draw of -0.5M.  That unexpected build helped to push the price lower as the concerns about US China trade deal and global growth.

Down $0.35 or -0.61%_
For the 9th consecutive day, the price of crude oil traded above and below its 200 day moving average at $57.32 today. Once again the move higher could not be sustained and the price settled back within the 100 day moving average below at $56 today and the 200 day moving average above at $57.32. One day going forward there will be a break and run in the direction of the break. Until then traders will continue to be frustrated by the failed breaks (which have been consistent to the upside).   

Is a time for a break lower?  After all, the buyers sure had their shot to take the price higher.

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