WTI tests 71.50-72.50 resistance zone
Oil traders mull over the demand outlook with China's outlook improving after a slew of stimulus, but the US outlook in question after weak consumer confidence data. EIA stockpiles are due later.
Oil trades below its falling trendlines and its 200 SMA. The price has recovered from a September low of 65.50. However, the recovery has run into resistance at the 71.50-72.50 zone, which buyers will need to overcome to negate the near-term downtrend. A rise above this resistance zone opens the door to 75.00, the falling trendline resistance, and 77.25, the 200 SMA.
Failure to rise above 71.50-72.50 could see the price ease back towards 70.00 before bringing 65.50 into focus.
Oil trades below its falling trendlines and its 200 SMA. The price has recovered from a September low of 65.50. However, the recovery has run into resistance at the 71.50-72.50 zone, which buyers will need to overcome to negate the near-term downtrend. A rise above this resistance zone opens the door to 75.00, the falling trendline resistance, and 77.25, the 200 SMA.
Failure to rise above 71.50-72.50 could see the price ease back towards 70.00 before bringing 65.50 into focus.
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