Oil Price US Dollar

Oil Price Trading Near Crucial Support Vs US Dollar

  • Crude oil price is in a decent uptrend and trading above the $46.00 support against the US Dollar.
  • There are two bullish trend lines with supports as $46.20 and $46.00 forming on the hourly chart.
  • Recently in the US, the API Weekly Crude Oil Stock in the week to July 14 was released.
  • The outcome was positive, as there was an increase of 1.628 million barrels in the crude oil inventories, less than the forecast.

Oil Price Technical Analysis

There were decent gains in oil prices recently, as it moved above $46.00 against the US Dollar. A new weekly high was formed near $46.90 before the price started a correction.

The price has moved down and traded below the 23.6% Fib retracement level of the last wave from the $45.81 low to $46.90 high.

However, there are many support levels such as $46.20 waiting on the downside to hold losses.

Oil Price Hourly Chart

Crude Oil Price Technical Analysis

There are two bullish trend lines with supports as $46.20 and $46.00 forming on the hourly chart. These supports were hurdles earlier, and now sellers might struggle to break $46.00.

At the moment, the price is trading near the 61.8% Fib retracement level of the last wave from the $45.81 low to $46.90 high.

As long as the price is above these trend lines and $46.00, there can be ranging moves before the price spikes higher.

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock in the week to July 14 was released. The market was expecting a minor increase in the crude oil inventories.

However, the actual result was positive, as there was an increase of 1.628 million barrels in the crude oil inventories and the expectation was around 3 million barrels. It was well above the last -8.130M.

According the report, the Cushing, Oklahoma, delivery hub gained by more than 600,000 barrels and on the other hand, gasoline stocks were down by roughly 5.4 million barrels.

Overall, we need to see whether crude oil price can hold the $46.00 support or not to retain the bullish bias in the near term.

About Aayush Jindal 109 Articles
With over 10 years of experience and still counting, Aayush posses great technical and fundamental analysis skills in the Forex, Cryptocurrency and Financial Markets. His Analysis are well-know and famous for engaging with viewers easily. He is from IT background with a lot of passion in the Forex and Cryptocurrency Arena.


Leave a Reply

Be the first to comment