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OIL breaking higher after a surprise drawdown in API inventories – US OIL Market Outlook – 27/01/2021


WTI Crude breached our line in the sand resistance level at $52.60 to reach highs of $53.22 as we print above the 20,50 and 200 period SMA on the hourly chart in early trade today, after API weekly inventories registered a surprise drawdown of 5.272Mb vs. a previous buildup of 2.562 Mb, a 6th draw in inventories over the past 7 weeks. An hourly close above $53 resistance level will favor higher prints with $53.50 as the next closest target.

Support: 52.60 / 52
Resistance: 53 / 53.50

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-breaking-higher-after-a-surprise-drawdown-in-api-inventories-us-oil-market-outlook-27-01-2021
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