Watch out a Breakout on USOIL

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By Deya Hroob


usoil


OPEC+ is right now leaning towards allowing the production cuts to drop from 9.7 mb/d to 7.7 mb/d beginning in August. The group’s technical committee meets this week.
 
The challenge for the group is that while they don’t want to cede market share to other producers bringing production back, if they ease the cuts they risk pushing oil prices down.

Technically,
 
The price has been capped between 200-day EMA as resistance and 20-day EMA as support for the last two weeks. You can see clearly how the price has respected these two lines lately.
 
However, we are very close to a breakout to happen. A breakout of the 200-day EMA will signal strength and is likely to attract further buying, resulting in a move to 43.50.

Trade Wise and Good Luck!

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