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Stronger than expected Chinese PMI triggered bullish momentum- US OIL Market Outlook – 01/09/2020


WTI Crude hit our long entry resistance target at 43.50 only to end yesterday’s session in the red at 42.79 as Gulf of Mexico producers began to restart platforms following the passage of Hurricane Laura. Stronger than expected Chinese Ciaxin Manufacturing PMI released early today triggered some bullish momentum on Crude as it raised hopes of a firmer recovery in global demand, with prints holding above the 200 period SMA.

Support: 43 / 42.80 / 42.50
Resistance: 43.20 / 43.50

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/stronger-than-expected-chinese-pmi-triggered-bullish-momentum-us-oil-market-outlook-01-09-2020
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