WTI crude oil continues to trend higher as it bounced off the ascending channel bottom and is breaking past the mid-channel area of interest. This could put it on track towards testing the very top of the channel at $55 per barrel. The 100 SMA crossed below the longer-term 200 SMA, though, indicating that the path of least resistance is to the downside. In other words, resistance is more likely to hold than to break. Then again, the moving averages might simply be oscillating to reflect consolidation action. Stochastic is turning lower to confirm that sellers are regaining control while buyers take a break. RSI is also heading down from the overbought region to signal a return in selling pressure and a possible dip to the channel bottom at $52 per barrel. However, it also looks like price broke past a small bullish pennant continuation signal to confirm that buyers are ready for another leg higher, possibly the same height as the mast. US sanctions on Venezuela due to its political troubles are being seen as the main factor that spurred the price bounce, and the latest API report on private stockpiles is adding more bullish pressure. The agency reported a crude oil inventory build of 2.098 million barrels for the week ending Jan 25, which is lower compared to analysts expectations of a build of 7.97 million barrels. This comes ahead of the EIA report which might also release a smaller than expected build, easing concerns of oversupply in the US. Keep in mind that the OPEC output deal is already in force, which adds further downside pressure on global supply. However, crude oil’s next moves might hinge on overall market sentiment resulting from the FOMC decision and the NFP report later this week. Indications that the Fed would slow down its pace of tightening could further stoke risk taking and crude oil gains.

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WTI crude oil could be in for a big reversal as price forms an inverse head and shoulders on the 4-hour time frame. Price has yet to break past the neckline around the $55 per barrel mark before confirming an uptrend. The 100 SMA has already crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. Price is also finding support at the 100 SMA dynamic inflection point and might also encounter buyers at the 200 SMA. Stochastic appears to be turning higher without hitting the oversold region, suggesting that buyers are eager to return. RSI has some room to head further south but is also pointing up to signal the presence of bullish momentum. Crude oil is edging slightly higher due to the crisis in Venezuela as this could limit the country’s production and ease global supply. Keep in mind that the OPEC output deal is already in force, which means that fewer barrels than usual are already being pumped to the market. Also, the US government imposed sanctions on Venezuelan state-owned oil firm PDVSA. Data on US stockpiles from the API and EIA would likely determine whether crude oil could go for an upside break and sustain its climb this week. Larger than expected draws could signal that demand is keeping up, thereby boosting prices, while a surprise build could revive oversupply concerns. Overall market sentiment is also in play, with trade tensions resurfacing and weighing on business outlook. In turn, this hurts demand for commodities and drags prices down. Any sign of positive developments between the US and China, however, could revive risk taking and market appetite for crude oil.

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A U.S. federal judge rejected the SEC’s request for more information from Binance.US on Monday. The parties’ legal battle has stuck. The presiding court advised opposing parties to mutually cooperate and progress the case. In its examination of Binance.US, the SEC has pushed for its software acquisition. To verify compliance, the agency demanded specific data and deposed Binance executives. Before the hearing, Binance.US and the SEC argued over the move all week. Judge Faruqui was hesitant to grant the SEC’s request for Binance’s software swiftly. The source advised the SEC to tighten discovery requests and interview more witnesses. The judge seems to prefer a more focused data collection method before giving the SEC full access to Binance’s software. Due to the ongoing regulatory issues, Binance.US has already suffered a lot. As per fresh statistics by Kaiko, Binance.US’s weekly trading volume has shrunk from $5 Billion to only $40 million. On June 5, the SEC sued Binance. The US. The lawsuit addressed Binance.US, Binance Holdings Ltd., and CEO Changpeng “CZ” Zhao. SEC accuses them of selling unregistered securities. According to the SEC, Binance is hard to get. The legal dispute centers on US data. On September 15, the SEC accused Binance.US of non-cooperation. The SEC observed that BAM Trading, Binance.US’s parent business, supplied just 220 documents during discovery. The SEC called numerous files incomprehensible screenshots and documents lacking essential elements such as dates and signatures. According to reports, BAM Trading limited critical witness depositions to four sanctioned personnel. Trending Now: Citigroup Introduces Citi Token Services for Institutional Clients Binance alleges frequent SEC discovery demands create undue hardship. The SEC claimed Binance lacked cooperation despite complying with a consent order for its investigation into unregistered securities operations and other charges. This hearing cost the SEC half of its Binance lawsuit. The judge’s reluctance to grant speedier access to Binance’s software and his need for more explicit discovery requests implies that both sides must clarify and strengthen their claims before advancing. The SEC targets Binance. The US prioritizes security for the exchange of clients’ funds. SEC claimed Binance was thoroughly investigated and must determine if it’s connected to Binance’s international operations. No one knows how the lawsuit will finish. SEC and Binance.US must resolve complicated legal concerns to satisfy all sides, meet regulatory obligations, and safeguard crypto investors.

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