Low of the December monthly contract is the first white arrow/support line
Low of the Novermber monthly contract is the second white arrow.
EIA is likely quite bearish, wouldn't be surprised if after tapping that previous monthly low that it retests this 58.45 support area.
Basically what this would look like is, new low created by EIA, retracement 1$ upwards, just like it did today from the low... then continuing onward.
API was really quite bad, the things to look for are exports and production. The former will likely be lower and the latter higher.
Low of the Novermber monthly contract is the second white arrow.
EIA is likely quite bearish, wouldn't be surprised if after tapping that previous monthly low that it retests this 58.45 support area.
Basically what this would look like is, new low created by EIA, retracement 1$ upwards, just like it did today from the low... then continuing onward.
API was really quite bad, the things to look for are exports and production. The former will likely be lower and the latter higher.