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LCrude: Waiting for a break above the downward trend line

On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a drop in LCrude stocks with estimates at 0.900 million barrels.

LCrude rose during the course of yesterday session, testing the downward trend line and closing near the high of the day. The price is trading above the 10 day moving average and its slope is pointing upward suggesting that some bulls are interested in buying.

Expecting upward move to 98.72 on a break above previous day high at 95.16 (scenario 1) or a break below the downward trend line at 94.35 could push LCrude prices to Year low at 91.21 (scenario 2).

LCrude is a CFD written over Light Crude futures.