With yesterday's weekly API inventories, oil turned bullish. Data showed that the inventories are lower, which leads to a heighten demand for oil. Thus the price jumped into positive territory, breaking our previous bearish scenario and the flag is no more.
Current projection is for a rise in price of WTI towards the 59.66 price zone, where it may meet some resistance for a move down towards 52.79 zone.
Alternatively, the price may extend its gains towards 61-62 price range. Current bias has changed towards bullish because the fundamentals has changed.
Current projection is for a rise in price of WTI towards the 59.66 price zone, where it may meet some resistance for a move down towards 52.79 zone.
Alternatively, the price may extend its gains towards 61-62 price range. Current bias has changed towards bullish because the fundamentals has changed.
