WTI steady above the 50-DMA at $76.30s By christianborjon Oil WTI Macroeconomics Coronavirus
US EIA inventories fell by 3.6 million barrels, WTI dipped to $75.31 on the release.
That said, oil investors reacted positively, pushing WTI prices from $68.50 up to $77.20 in the last eight days, a gain of almost 12.7%, piercing on its way north, critical technical levels, like the 100-day moving average and the 50-DMA. US crude oil’s first resistance level would be December’s 28 daily high at $76.75. A breach of the latter would open the door for further gains. The next ceiling level would be December’s 29 high at $77.19, followed by November 24 cycle high at $79.02.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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