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OIL struggling to break past 54 – US OIL Market Outlook – 21/01/2021

WTI Crude hit our short support target at $53 after API inventory showed a surprise buildup of 2.562 Mb vs. a previous drawdown of -5.821 Mb as ongoing lockdown restrictions continued to weigh on global demand. Technicals favor further downside in today’s session as long as 53.50 resistance level is respected, with an hourly close below $53 support level to have 200 period SMA and $52.60 as closest targets.

Support: 53/ 52.60
Resistance: 53.50 / 54

SquaredFinancial Daily Market Outlook

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SquaredFinancial Review

Thursday, 21 Jan, 2021 / 9:19

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-struggling-to-break-past-54-us-oil-market-outlook-21-01-2021

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