The US Oil climbed as much as 81.58 in the last trading session, registering a new higher high. After the last swing higher, a correction is expected. The price rallied in the short term as the US Crude Oil Inventories came in at -1.5M versus the 0.9M expected. Today, the US Prelim UoM Consumer Sentiment, Capacity Utilization Rate, and Empire State Manufacturing Index came in worse than expected.
Technically, the US Oil failed to stay above the median line (ML) of the ascending pitchfork, signaling exhausted buyers. Now, it has retested the median line and the upper median line (uml). Staying within the descending pitchfork’s upper median line (uml), the rate could develop a corrective phase. A new lower low activates more declines.
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