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WTI Crude surges on Vaccine Euphoria – US OIL Market Outlook – 11/11/2020

SquaredFinancial

WTI Crude ended yesterday’s session above $41 pbl, surging by another 5% and hitting our long resistance targets ($41, $41.50) , after a surprise drawdown in API crude inventory (Actual: -5.417Mb, Forecast: -0.9Mb) added to investor optimism surrounding the latest vaccine developments, outweighed recovery concerns. Technically, bullish momentum is looking strong despite overbought RSI conditions, with $42.50 as the closest resistance target.

Support: 41.50 / 41
Resistance: 42.50/ 43.50

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/wti-crude-surges-on-vaccine-euphoria-us-oil-market-outlook-11-11-2020
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