Oil Tries To Gain Momentum Above $45
The technical picture for oil has not changed much compared to the previous trading session as traders continue to wait for OPEC+ decision on production cuts.
Yesterday, oil made an attempt to settle above the resistance at $45.80 but failed to develop sufficient upside momentum and remains below this level. A move above $45.80 will push oil towards the recent highs at $46.25. If oil gets to the test of the resistance at $46.25, it will have better chances to settle above it.
On the support side, the nearest support level at $44.75 has been tested during today’s trading session and proved its strength. A move below this level will push oil towards the support at $44.40. If oil declines below $44.40, it will gain downside momentum and head towards the support at $43.75.
Yesterday, oil made an attempt to settle above the resistance at $45.80 but failed to develop sufficient upside momentum and remains below this level. A move above $45.80 will push oil towards the recent highs at $46.25. If oil gets to the test of the resistance at $46.25, it will have better chances to settle above it.
On the support side, the nearest support level at $44.75 has been tested during today’s trading session and proved its strength. A move below this level will push oil towards the support at $44.40. If oil declines below $44.40, it will gain downside momentum and head towards the support at $43.75.
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