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LCrude: Holding on March low at 96.97

The LCrude is in a distribution phase and fell during most of yesterday session, but is holding the March low at 96.97. With that in mind we still have the last residues of support, but the market looks like it’s extraordinarily vulnerable to a selling pressure at the moment.

Today we have the release of U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a drop in LCrude stocks with estimates at 1.3 million barrels. A worse than expected can trigger another push down.

Expecting upward move to 99.68 on a break above previous day high at 98.63 (scenario 1) or a bounce from March low at 96.97 could push LCrude prices to 98.72 (scenario 2).

LCrude is a CFD written over Light Crude futures.