March 28, OctaFX – After declining sharply yesterday, the price of crude oil stabilized in the Asian session. The price had dropped after the EIA released inventories data that missed expectations.
Data showed that over the past week, crude oil inventories rose by 2.8 million barrels. This was much higher than the expected drawdown of more than 1.1 million barrels. Earlier on, the numbers from the American Petroleum Institute (API), showed that inventories rose by 1.9 million barrels.
Crude oil price technical forecast
After dropping yesterday, the XBRUSD pair stabilized at the current price of 67. On the daily chart, the pair has been on an upward trajectory this year. It has risen from a low of 50 and reached a high of 68.50. This price is slightly above the 21-day and 50-day moving averages.
The Accumulation and Distribution indicator has continued to move up while ADX has moved slightly lower. It is also close to the 50% Fibonacci Retracement level. There is a likelihood that the pair could continue the upward trend.
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