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Crude Oil Climbs After Inventory Reports, but Reaction is Muted So Far
On the subject of Crude Oil, well, from my technical perspective, I am not all that impressed by the "bullish reaction" to the combined draw-downs of both the API and EIA Inventory Reports, which have goosed prices from $44.51 at yesterday's low to $46.53 today, so far.
To really get some upside traction, Oil must hurdle and sustain above heavy, consequential resistance lodged between $46.90 and $47.32, which it will trigger upside potential of at least $3.00.
In that absence of an upside breakout above $46.90-$47.32, Oil is vulnerable to pivoting to the downside into a sharp downleg that breaks $44.51 in route to a retest of the June low at $42.05.
