EIA reports are published at 10:30am EST today, these usually move price significantly. The report along with various sentiment can be viewed here www.investing.com/ec...e-oil-inventories-75
Short Term: After a failed bearish breakout yesterday, price maintained itself in a bullish channel during asian trading. Today's reports will probably determine which way it breaks out. With relatively more proximal resistance than support, there is more downside than downside potential.
Long Term: Despite recent bullish activity, there is heavy overhead resistance which will likely limit upside potential. Barring any macro events (Trump in Syria), there is more downside potential from a statistical perspective.
Short Term: After a failed bearish breakout yesterday, price maintained itself in a bullish channel during asian trading. Today's reports will probably determine which way it breaks out. With relatively more proximal resistance than support, there is more downside than downside potential.
Long Term: Despite recent bullish activity, there is heavy overhead resistance which will likely limit upside potential. Barring any macro events (Trump in Syria), there is more downside potential from a statistical perspective.