Oil is under serious pressure today amid fears about the new coronavirus strain in UK. In addition, oil was a bit overbought last week so the coronavirus-related panic was amplified by some profit taking.
Oil managed to find support at $46.30 and rebounded back above the $47 level. Currently, oil is trying to stay above the low end of the current upside channel. If this attempt is successful, oil may continue to move higher in the next trading sessions.
On the support side, a move below $47 will push oil closer towards the support at the recent lows at $46.30. A move below this support level will lead to a test of the support at the 20 EMA at $46.
Oil managed to find support at $46.30 and rebounded back above the $47 level. Currently, oil is trying to stay above the low end of the current upside channel. If this attempt is successful, oil may continue to move higher in the next trading sessions.
On the support side, a move below $47 will push oil closer towards the support at the recent lows at $46.30. A move below this support level will lead to a test of the support at the 20 EMA at $46.
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Related publications
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.