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.
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.
