FxGrow Daily Technical Analysis – 20th Dec, 2017 By FxGrow Research & Analysis Team Crude Oil Inches Higher As API Report Shows A Drop in U.S Inventories Crude oil inaugurated Monday's trading session with clocking 57.86 high and has been trading cautious-flat since Monday. Yesterday, API report mentioned that U.S. crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million and the ongoing outage of the North Sea Forties pipeline system (Reuters), which gave oil some solid ground hanging above 57 level. Market is awaiting U.S Inventories release today in the afternoon which should bring fresh impetus for oil levels. On the other hand, Reuters has mentioned that most analysts expect U.S. output to break through 10 million bpd soon, which would be a new record and take it to levels on par with top exporter Saudi Arabia and close to top producer Russia, which pumps around 11 million bpd. Crude Oil Technical Overview: Closing price: (57.66) Target price: None Resistance levels: 57.65*, 58.01, 58.60 Support levels: 56.77, 56.18, 55.88 Trend: Sideways Trend reversal price: 57.65 Comment: The market closed up around the 57.65* resistance and balance level between short term bull / bear trend forces. Another close over 57.65* signals for climbing moves to challenge recent highs. A rejection from 5765* today and close under 55.88 rekindles bear forces for a selling wave to 54.50-00. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.