Oil technical analysis: WTI bulls break the 55.00 handle as EIA surprises to the upside

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  • The Crude Oil West Texas Intermediate (WTI) is breaking out as the EIA Crude Oil Stock change came in better-than-anticipated at -1.699M vs. 2.232M forecast.
  • WTI bulls might be headed towards $56.00 a barrel.  
 

Crude oil four-hour chart

 
 
WTI is breaking above the 55.00 handle as the EIA Crude Oil Stock change came in better-than-anticipated at -1.699M vs. 2.232M. 
 
The breakout can lead to further gains towards the 56.00 level above the 200 SMA on the four-hour chart. 

Crude oil 30-minute chart

 
 
WTI is trading above its main SMA, suggesting bullish momentum in the near term. Support can be seen at the 55.00 and 54.60 price levels. 

Additional key levels

 

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