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USOIL chart - Trading View
West Texas Intermediate crude oil prices failed to build on to early gains, slipped lower from session highs at 66.38 to trade at 65.47 at around 11:20 GMT.
WTI hit 5-day high as China reported strong Retail Sales, Industrial Production for January.
China’s Retail Sales beat 32.0% forecasts and 4.6% prior with 33.8% YoY print for January. Industrial Production also rallied from 7.3% prior and 30% expected to 35.1% YoY.
Technical bias for the pair remains bullish. Pullback finds strong support at hourly cloud.
Price holds above 5-DMA at 65.09. Break below will see drag till 21-EMA. Breach below 21-EMA will change near-term dynamics.
