54 0 6
Although we failed to close above march highs but now price is testing the 200 day MA as support. I have a
bullish bias above 35.40 on WTI Its overall a bullish technical setup. We broke out of a descending triangle ,
price is above the 2016 open high (Positive for the year) and above the 8 EMA and the 200 SMA . RSI is
struggling for bullish momentum signaling a possible short term pullback.

Support at:
  • 40.00 psychological Level 200 SMA and 8 EMA , Last weeks lows.
  • 38.25 - 37.99 2016 Open high, 61.8 Fib
Resistance at:
  • 41.65 - 42.00 Last week's highs Daily close support, March highs.
  • 43.38 Structure resistance .
  • 45.00 76.4 Fib.
Watch for a pullback into lower channel line also RSI to bounce off trendline .

Fundamentally: Doha meeting with OPEC and non OPEC countries to discuss a possible
freeze in production failed to reach an agreement Sunday on a production freeze, saying
officials needed "more time" to make the decision as Iran stayed home and vowed to keep
pumping. Last OPEC meeting was in December.

Wait to see how the markets react off this Key news event.
Comment: I think The market is a little disappointed with the OPEC meeting
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