OIL WTI: Majority buy bias drops as longs take profit
Surprise EIA deficit aids oil prices in finishing higher for the session.
The latest in Oil WTI:
The key item yesterday for oil prices was Energy Information Agency's (EIA) US crude oil inventories release which showed a surprise 1.7M deficit following expectations of a 2.5M surplus and following a 4.45M surplus out of American Petroleum Institute (API) the day before.
Oil WTI Technical analysis, overview, strategies, and levels
That pushed oil prices above its 50-day and 100-day moving averages, and a positive Directional movement Index (DMI) cross occurred. More positive technical bias is forming, and given how closely huddled its indicators are it won’t take much to shift the main technical indicators and produce more signals.
| Current Technical Overview | Consolidation - Positive Bias |
| Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price |
| Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| S/L for 2nd Resistance | 58.58 |
| 2nd Resistance | 58.01 |
| S/L for 1st Resistance | 57.45 |
| 1st Resistance | 56.88 |
| Relative Starting Point | 55.75 |
| 1st Support | 54.62 |
| S/L for 1st Support | 54.05 |
| 2nd Support | 53.49 |
| S/L for 2nd Support | 52.92 |
IG client and CoT sentiment for Oil WTI
Retail longs were in for big profit-taking having waited for weeks at the lows, with retail bias dropping 12% from a heavy long 71% yesterday morning to a majority long 59% as of this morning.
Oil WTI chart with retail and institutional sentiment
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