After printing an inverted hammer off its 200-day average on Friday, we have seen a sharp slide in oil prices today.
Reports that the OPEC+ plans another increase to output in November is not helping the cause, with the market already fearful over excessive supply and weak demand growth.
Key support at 61.50 to 62.00 area was tested multiple times last week and it held. A break below that zone this week could be pivotal, if seen.
Resistance seen at 65.00 now, then the area between 66.50-67.00 - marking the 200 day MA.
By Fawad Razaqzada, market analyst with FOREX.com
Reports that the OPEC+ plans another increase to output in November is not helping the cause, with the market already fearful over excessive supply and weak demand growth.
Key support at 61.50 to 62.00 area was tested multiple times last week and it held. A break below that zone this week could be pivotal, if seen.
Resistance seen at 65.00 now, then the area between 66.50-67.00 - marking the 200 day MA.
By Fawad Razaqzada, market analyst with FOREX.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.