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OIL surged to 11-month highs – US OIL Market Outlook – 13/01/2021

WTI Crude climbed to near 11 month-highs in yesterday’s session after API inventory data registered a surprise drawdown (-5.821 Mb vs. Prev: -1.663Mb), breaching our first long resistance target at $43.50 and topping slightly below $54 resistance. An hourly close $53.50 resistance now turned into support, will favor further downside with $52.60 as next major support.

Support: 53.50/ 52.60
Resistance: 54 / 54.50

SquaredFinancial Daily Market Outlook

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SquaredFinancial Review

Wednesday, 13 Jan, 2021 / 9:05

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-surged-to-11-month-highs-us-oil-market-outlook-13-01-2021

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