Oil Technical Analysis: OIL slumps to 2-week low near $62.00

The market is likely going to continue to decline towards 62.00 level. The next supports in line are seen at 61.80 and 60.50. OIL 61.80 level H4 200 ma Moving Average, So Oil Take a Buy position 61.00 and 60.50 Area. OIL Daily 200 ma Moving Average 62.60 level breakout and stable this level short Sell 62.50/62.00 level take profit 61.90 and 61.50 Area.
Another side of OIL Stable 62.60 level buy this position, Target 63.50 and 64.00. Oil Resistances are seen at 64.00 and 65.00 level.

Daily SMA100 55.66
Daily SMA200 60.56
Previous Monthly High 60.78
Previous Monthly Low 54.79
Daily Fibonacci 38.2% 65.45
Daily Fibonacci 61.8% 65.76
Today last price 63.02
Today Daily Change -2.12

Comment:

News:
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Asia's crude oil imports from Iran rose to the highest level in eight months in March as buyers stepped up purchases to take advantage of waivers to the sanctions imposed by the US on Iran last November.

China, India, Japan and South Korea imported a total 1.57 million barrels per day (bpd) of crudefrom Iran in March, up 36 percent from the previous month to the highest since July, the data showed, according to Reuters.
The major buyers of Iranian crude were granted waivers to the crude import sanctions that went into full effect in November. However, last week Washington it would revoke the waivers as of May 1. As a result, Iran's oil exports to major Asian buyers is set to drop sharply in the coming months.

Comment:

1. EIA says crude oil inventories in the U.S. increased by 9.9 million barrels.
2. Iranian Oil Minister says OPEC is overstating its spare capacity.
After spending the large part of the day in a tight range near mid-$63s, the barrel of West Texas Intermediate turned south and dropped to a fresh daily low of $62.81 before rebounding modestly. At the moment, the WTI is down 0.5% on the day at $63.10.

Technical Level :
==================
Daily SMA100 56
Daily SMA200 60.51
Previous Daily High 64.78
Previous Daily Low 63.32
Previous Weekly High 66.57
Previous Weekly Low 62.31
Previous Monthly High 66.57
Previous Monthly Low 60.23
Daily Fibonacci 38.2% 63.88
Daily Fibonacci 61.8% 64.22
Daily Pivot Point S1 62.96
Daily Pivot Point S2 62.41
Daily Pivot Point S3 61.5
Daily Pivot Point R1 64.42
Daily Pivot Point R2 65.33
Daily Pivot Point R3 65.88

Comment:

***Oil Take a Buy position 61.00 and 60.50 Area.

Trade active:

OIL First trade active 61.00 leve.

Trade active:

OIL First trade active 61.00 level, Take profit 62.50 Area.

Trade closed: target reached:

OIL First trade active 61.00 level, Take profit 62.50 Area.
Take profit done 62.50 total profit150 pips.