Hi traders,
OPEC+ will Taper cuts and and Russia’s top producers are also preparing to increase output.
The additional supply will hit the market while the U.S continues to struggle to control fresh outbreaks of the virus.
Moreover, increase in tensions with China also hit market sentiment and prices dipped going into the close.
Technically:
Conflict area of Hull moving average and Strong resistance of $40.04 ahead.
Moreover, market also retest the broken structure of trend line.
So it indicates some bearish bias.
Recommendation: Short from current Price $39.80
Targets are: $39.00 and $37.55.
Stop should be $40.10
Every system has a limitation.
Good Luck!
OPEC+ will Taper cuts and and Russia’s top producers are also preparing to increase output.
The additional supply will hit the market while the U.S continues to struggle to control fresh outbreaks of the virus.
Moreover, increase in tensions with China also hit market sentiment and prices dipped going into the close.
Technically:
Conflict area of Hull moving average and Strong resistance of $40.04 ahead.
Moreover, market also retest the broken structure of trend line.
So it indicates some bearish bias.
Recommendation: Short from current Price $39.80
Targets are: $39.00 and $37.55.
Stop should be $40.10
Every system has a limitation.
Good Luck!