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OIL heading higher amid vaccine optimism – US OIL Market Outlook – 11/12/2020

SquaredFinancial

WTI Crude surged by more than 2.70% to end yesterday’s session near 10 month-highs at $46.95pbl on optimism of vaccine roll outs after the FDA advisory committee recommended the approval of Pfizer’s BioNTech’s vaccine. Failure to retrace towards previous resistance now support level at $46.50, will indicate strong bullish momentum with $47.40 and $48 as next resistance targets.

Support: 46.50 / 46
Resistance: 47.40 / 48

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-heading-higher-amid-vaccine-optimism-us-oil-market-outlook-11-12-2020
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