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US Oil higher after Fed’s bond-buying announcement – US OIL Market Outlook – 16/06/2020

SquaredFinancial

WTI printed a low at $34.34, one cent below our support target at $34.35 before bouncing off and ending yesterday’s session higher after the Fed’s bond-buying announcement as investors look ahead towards fresh
EIA inventories data on Wednesday, and OPEC+ meeting on Thursday. A breach of the $37.20 resistance level and the 200 period SMA will confirm bullish momentum with $38 and $39.50 as next resistance targets.

Support: 36.50 / 35.25
Resistance: 37.20/ 38 / 39.05

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/us-oil-higher-after-feds-bond-buying-announcement-us-oil-market-outlook-16-06-2020
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