Crude Oil: Oil pared its losses on Monday as the
Organization of the Petroleum Exporting Countries and its allies indicated that
it was watching surging COVID-19 cases in India, which may dent fuel demand in
the world's third-biggest oil importer.
Technical Analysis
Technically, oil appears able to rise towards the top of
64.30, as it is trading positively above the 50-day moving average, with
trading remaining above 38.2% Fibonacci retracement, so we expect a
continuation of the rise towards 64.30, but levels of 64.30 are an important
resistance level that we may prefer to sell around again with targets at 62.60
We expect the oil movement to continue between 64.30 -61.60
levels awaiting a clear breakout, but as we know, oil trading is greatly
affected by events in India and the spread of Covid-19.
The trading range today is 18 points
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