U.S. Crude Oil Trend Testing Highs

U.S Crude Oil has continued to generate better values and is approaching important long-term resistance. Crude Oil Inventories data will come from the U.S today, and the ISM Manufacturing report should be watched too.

Short-Term Gains Getting Attention in Crude Oil

U.S Crude Oil has continued its trend higher early this week and is quickly approaching critical resistance. As of this morning, Crude Oil is slightly below 55.00 U.S Dollars a barrel.

The short-term gains by Crude Oil have been steady and calm since Mid-October and today’s supply data via the Crude Oil Inventories from the States could add to a speculative market.

A Steady Progress in Value

Crude Oil’s gains have not been a one-way avenue, but over the mid-term, since late August the commodity has progressed in value with only slight downturns.

Support for U.S. Crude Oil may be near 52.80 U.S Dollars. The question has now become if the commodity can break through what has proven to be a consolidated range the past two years.

Testing Resistance Not Seen Since June 1015?

If U.S. Crude Oil burst through resistance it could then test highs not seen since June of 2015.

While the supply number from the States will be watched today, perhaps it would be better to keep an eye on Manufacturing data results from the States today as an indication regarding the future for demand.

In the short term, we believe U.S Crude Oil may be positive. Mid-term and Long-term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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