Bulls remain in play and attack again 200DMA; crude inventories in focus

WTI oil maintains firm tone and moves above $57 marks in fresh attacks at 200DMA ($57.32) after Monday’s probe above was short-lived and day ended in Doji with long upper shadow.
Fresh advance penetrated narrowing daily cloud which twists tomorrow and being magnetic.
Break and close above previous high $56.93 (28 Oct) will be bullish signal for continuation of bull-leg from $50.91 (3 Oct low).
Fresh optimism about possible US / China trade deal, reduce fears of lower global demand on trade war and inflates oil prices.
Daily techs in bullish setup are also supportive as bulls look for close above 200DMA to generate signal for extension towards key Fibo barrier at $58.46 (61.8% of $63.12/$50.91).
Markets focus on crude inventories data (API report is due later today and Energy Information  Administration’s report will be released on Wednesday.
Crude oil inventories are forecasted to rise by 2.7 mln bls (EIA report) vs previous week’s build of 5.7 mln bls, which would further boost oil prices if results come at or below forecasted levels.

Res: 57.32; 57.54; 58.00; 58.46
Sup: 57.02; 56.31; 55.98; 55.39