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  • Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
  • In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.  
  • Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.  

Crude oil WTI 4-hour chart

Main Trend:              Bearish

Resistance 1:           61.81 April 6 low
Resistance 2:           63.00 figure
Resistance 3:           63.59 June 18 low
Resistance 4:           64.00 figure

Support 1:             61.00 figure  
Support 2:             59.95 March 8 low
Support 3:             58.07 February 9 low
Support 4:             55.82 December 7, 2017

Additional key levels at a glance:

GBP/USD

Overview:
       Last Price:  1.3134
       Daily change:  37  pips
       Daily change:  0.283%
       Daily Open:  1.3097
Trends:
       Daily SMA20:  1.2998
       Daily SMA50:  1.3029
       Daily SMA100:  1.3039
       Daily SMA200:  1.3419
Levels:
       Daily High:  1.31
       Daily Low:  1.3021
       Weekly High:  1.3042
       Weekly Low:  1.2696
       Monthly High:  1.326
       Monthly Low:  1.2696
       Daily Fibonacci 38.2%:  1.307
       Daily Fibonacci 61.8%:  1.3051
       Daily Pivot Point S1:  1.3045
       Daily Pivot Point S2:  1.2993
       Daily Pivot Point S3:  1.2966
       Daily Pivot Point R1:  1.3125
       Daily Pivot Point R2:  1.3152
       Daily Pivot Point R3:  1.3204