WTI bulls move in to a key resistance area, correction eyed – by fx_ross Oil WTI Fed CPI
Bears are lurking and the dynamoic trendline support is eyed.
Elsewhere, energy supply risks are offering support to the market once more as Saudi Arabia rolled over its voluntary production cuts while Russia's decision to curtail exports, as opposed to production, helps alleviate some concern about the nation's undercompliance with the OPEC+ deal, as analysts at TD Secureities explained.
''In this sense WTI crude and Brent crude are still prone to CTA selling below $71.15/bbl and $75.20/bbl respectively,''the analysts stated, ''whereas the bar remains higher to see supportive algorithmic flow.''Zoomning in on the 4-hour time frame, there are prospects of a correction from the resistance area to test trendlie support. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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