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OIL not being able to break above the 50-day moving average – US OIL Market Outlook – 12/10/2020

SquaredFinancial

WTI Crude ended Friday’s session around 2% lower, as Gulf of Mexico operations resumed following Hurricane Delta’s downgrade, Libya restarted production at its biggest field, and the Norwegian strike ended. An hourly close below $40 support level will favor further downside with 39.27 as the next support target.

Support: 40 / 39.27
Resistance: 40.70 / 41.50

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-not-being-able-to-break-above-the-50-day-moving-average-us-oil-market-outlook-12-10-2020
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