WTI flew above 65 led by US sanctions over Iranian Oil

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Oil jumped above 65,

Technical: Crude oil is trading at 65.50, breaks the 64.80 a former resistance and now turned to support. Currently trading above the resistance 65 and above good support 64.30. Trend remains firm for upside till 66.80/67 levels initially. For the day one can add or hold buys till 65 levels for upside 66/66.30. A break upside 66.30 can hit the next resistance level at 66.60 (Jan 21, 2018 high) break and close above this level can test the rest immediate resistance at 67.70 (March 8th, 2018 High). Overall buy on dips is advised for the day.

Fundamental: WTI crude prices declined by 0.5 last week. Production cuts by OPEC and its allies led to an uptrend in Crude prices of over 36 percent in 2019. Prices dipped after Russia’s finance minister stated that Russia and OPEC might decide to boost production to fight for market share with the United States. The downfall in the prices were restricted after China posted better than expected Economic figures, easing off the chances of a possible slowdown in the global growth. U.S. sanctions on Iranian Oil led to rally in the prices.

SUGGESTION: BUY OIL TILL 65.30 FOR 66/66.30 ELSE SELL BELOW 64.20 FOR 63/62.80

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