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US OIL registers gains but investors continue to weigh the supply glut against signs of economic recovery

SquaredFinancial

Fundamental Highlights

WTI ended Friday's session at $26.10 pbl, registering a weekly gain of 32% as OPEC+ cuts of 9.7Mb came online in May and Saudi Arabia raised its official selling price
U.S Baker Hughes Oil rig count registered a drop from 325 to 292 as investors continue to weigh the supply glut against signs of economic recovery

Technical Analysis

WTI is trading below the 20 and 50 period SMA as the $26 resistance level proved difficult to breach, with the latest 4H candle favoring further bearish momentum
A breach of our short term uptrend along with our support at $24.95 will have $23.60 as support target

Support: 24.95 / 23.60 / 21.87
Resistance: 26 / 27.69 / 28.75

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/us-oil-registers-gains-but-investors-continue-to-weigh-the-supply-glut-against-signs-of-economic-recovery-us-oil-market-outlook-11-05-2020
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