Crude oil jumped 1% on Wednesday, hourly charts indicates strong buying, awaiting EIA report, later on FOMC
Crude oil jumped 1% today, rallied up from 43.96 and clocked a high intraday 45.10 at crude oil opening. Crude oil is scoring bullish hourly candle charts and right now trading above H5 PP which indicates a more bullish trend ahead of crude oil inventories report today at EIA 3:30 PM GMT, and later on FOMC at 7 PM GMT. The market might witness a high volatility of either mix trend ( if news were mixed ) or more bullish if EIA and FOMC reports supported the trend positively.
key levels to watch: H5 PP 44.85 , first resistance R1 45.46, R2 46.08. R3 46.76. R4 47.23
First support S1 44.31, S2 34.85, S3 43.51, S4 42.56
Trend: Bullish upward.
Remark: charts and numbers suggests the bullish trend, but a bearish trend should be taken into consideration because of major news today EIA, later FOMC. Keep focused at 3:30 PM GMT EIA (crude oil inventories report), later on 7 PM GMT FOMC U.S NEWS
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