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
