Participant

Crude Oil figures are released tomorrow, EIA Crude Oil Stocks. The forecast is for another decrease of 1.4 million. The previous figure was also negative -4.407 million, over the past 12 weeks most of stock pile reports have been negative. There has also been a downward trend in Oil rigs internationally, meaning there will be lower supply due to that too. Looking at the day chart I see price is very far away from the cloud, around 20% which is a signal of extreme oversold conditions. Stochastic Oscillator is also very low, which is an oversold reading. However the MACD is still showing signs of further downward momentum. There will be strong support level at its previous low of 42.01, I expect this one to start to retrace at some point over the next 7 to 10 trading days.

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