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OIL breached above the 200-daily SMA – US OIL Market Outlook – 18/09/2020

WTI Crude breached the 200 period SMA on the daily chart, hitting our long entry resistance targets at $40 and $41 pbl, as it ended yesterday’s session on a two week high close after OPEC+ agreed to extend the compensation period for overproduction till end of December as the Saudi oil minister warned short traders whilst telling them to “make my day” ! Looking for an hourly close above 41.50 resistance level to favor further upside with 42.50 as the next major resistance.

Support: 41 / 40
Resistance: 41.50/ 42

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Friday, 18 Sep, 2020 / 8:20

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-breached-above-the-200-daily-sma-us-oil-market-outlook-18-09-2020

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