Oil continues to test key resistance after the OPEC surge.
Oil continues to hold firm on Wednesday after a strong surge on Tuesday that saw close to two percent added after sellers looked to test the new floor set up by buyers after the stunning gains seen after OPEC's surprise production cuts.
Since the news price has sat in a range between $79.65 and
81, maybe we would have seen a new test lower to see how firm the gap was. No, buyers made a new push yesterday, breaking out of the mini range, but now continue to be held back at key resistance.
Early in the LON session, buyers are trying to push, but resistance remains in play for now. Looking at yesterday's momentum, if we can see it continue, could this be the move that finally clears this level of resistance? We feel that if we do see a break, this could open up buying, and there's a chance we could see the low 90s possibly tested.
The drivers behind the rally are firm, but traders will need to keep an eye on the US response if we see oil trading back at certain levels, as this will start to impact their continuing war with inflation.
What do you think? Could we see USOUSD trading back at
83-
85 this week or next?
Good trading.
Since the news price has sat in a range between $79.65 and
81, maybe we would have seen a new test lower to see how firm the gap was. No, buyers made a new push yesterday, breaking out of the mini range, but now continue to be held back at key resistance. Early in the LON session, buyers are trying to push, but resistance remains in play for now. Looking at yesterday's momentum, if we can see it continue, could this be the move that finally clears this level of resistance? We feel that if we do see a break, this could open up buying, and there's a chance we could see the low 90s possibly tested.
The drivers behind the rally are firm, but traders will need to keep an eye on the US response if we see oil trading back at certain levels, as this will start to impact their continuing war with inflation.
What do you think? Could we see USOUSD trading back at
83-85 this week or next?Good trading.
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