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LCrude: Hammer pattern ahead of US Oil Stocks

On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a rise in LCrude stocks with estimates at 2.5 million barrels.

LCrude fell during the course of yesterday session testing the daily support zone, this zone made the commodity price move higher making a hammer pattern. Stochastic is showing an oversold market setting higher lows and price is making lower lows, signs that the downside may begin to get exhausted.

Expecting upward move to 85.16 on a break above previous day high at 82.40 (scenario 1) or a break below previous day low at 79.99 could push LCrude prices to 78.11 (scenario 2).

LCrude is a CFD written over Light Crude futures.