fundamental News - OIL

U.S. West Texas Intermediate crude oil futures are inching lower early Monday, following a 6% gain last week. The market is being supported by friendly demand outlooks from IEA and OPEC and a rapidly improving global economy. However, lingering concerns over rising COVID-19 cases may be keeping a lid on prices, suggesting the weakness is being fueled by profit-taking.

Technical Analysis
The main trend is down, however, momentum is trending higher. A trade through $66.15 will change the main trend to up. A move through $57.29 will signal a resumption of the downtrend.

The short-term range is $67.29 to $57.29. The market is currently testing its retracement zone at $62.29 to $63.47. Sellers are trying to form a potentially bearish secondary lower top. Buyers are trying to drive the market higher.

The main range is $67.29 to $51.04. Its retracement zone at $59.17 to $57.25 is potential support. It’s also controlling the near-term direction of the market.

The direction of the June WTI crude oil market on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at $63.47.


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