Oil fell as Inventory rose; holding above 200MA
Technical: Crude oil is trading at 61.10, breaks the 62 or 200MA a former support and now turned to resistance. Trend remains weak for downside 60.60/60.30 levels initially. For the day one can add or hold sells till 61.80-62 levels for downside 60.60/60.30. A break upside 62.30 can hit the next resistance level at 62.80/63 break and close above this level can test the immediate resistance at 64.70 (April 30th, 2019 High). Overall sell on rise is advised for the day.
Fundamental: On Wednesday, WTI Crude prices ended significantly lower by 2.5 percent to close at $61.4 per barrel over rising U.S. Crude inventory. The sharp uptrend in the Crude inventories over shadowed the supply crunch arising from the Middle East. Crude inventories surged by 4.7 million barrels last week negating the markets expectation of a decline in the inventory levels. US Crude stocks rose to their highest levels since July 2017 due to falling refinery output, mainly in Middle East because of their ongoing issues with United States.
SUGGESTION: SELL OIL TILL 61.70-90 FOR 60.80/60.60 ELSE BUY ABOVE 62.50 FOR 63.80/64