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Key Technical Levels Before OPEC+ Decision

November 17, 2020
in ANALYSIS, CFDS, Home, MARKETS, Technical Analysis
Reading Time: 1min read
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OPEC+ Meeting Triggers WTI Oil Prices Upwards
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The WTI Oil Graph shows  weekly price movements.
WTI Oil Weekly Chart

43.50 level has been a strong support level for WTI since 2014. After the Covid-19 crisis, it becomes a key resistance and limits the up moves for months. After Pfizer’s and Moderna’s vaccine news bullish pressures increase and today OPEC+ meeting may turn the tide for WTI and finally 43.50 may get passed near future. Normally OPEC+ scheduled to increase output in January. But a decision to delay the output hike may give WTI a push towards the upside.

The WTI Oil Graph shows  hourly price movements.
WTI Oil Hourly Chart, 144 Day Moving Average

In shorter term, black uptrend has been in control since start of this month. 41.20 may become a game changer for short term direction if broken, but as long as the price stays above this trend upside move will continue. 42.10 can be followed as resistance for today. Above that level, 43.50 test becomes imminent.

Tags: CFDsModernaOilOPEC+PfizerTechnical AnalysisWTIWTI Oil
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