USOIL Got Rejected from Moving Average

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By Deya Hroob




USOIL sank below $38 on COVID-19 fears. Another reason for the fall is that the inventory levels rise in the US. The general storage levels are still above the 5-year average and currently stand at 540.7mln barrels. 

Technically:

OIL got rejected from the 200-day EMA, however, it found support from 20-day EMA . If bears also clears out this support the fall may extend to $35.50 level.

On the flip side, the main hurdle now for WTI is the 200-day EMA. OIL has been trading under it since 24 JAN this year.

 Trade Wise and Good Luck,

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