Oil has a very volatile trading session today. It has already tested the resistance at $49.40 and the support at $47.30. Most likely, it will easily ignore levels inside this range while traders wait for news from OPEC+ meeting.
Earlier, oil almost managed to get to the test of the $50 level but faced strong resistance as some traders decided to take their profits ahead of the OPEC+ meeting. On the support side, a move below the 20 EMA at $47.10 may present a serious problem for oil bulls as it may lead to a sell-off.
Earlier, oil almost managed to get to the test of the $50 level but faced strong resistance as some traders decided to take their profits ahead of the OPEC+ meeting. On the support side, a move below the 20 EMA at $47.10 may present a serious problem for oil bulls as it may lead to a sell-off.
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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.