US Oil CRUDE OIL WTIUSD Chart Technical Outlook trades at the resistance of an expanding structure and a previously broken barrier. The rally was spurred by higher expected demand from China on more stimulus packages from the government, geopolitical risks, and Non-commercials building long positions from the COT report. OPEC+ will meet next Sunday. Reports are expecting the supply cut to continue but there are argument from certain countries to increase their output quota on expectations of higher demand.
I expect any pullback to be corrective. Support is at $78.60. Resistances are at $80.70 and $82.20. Current levels don’t offer value entry for new bulls, better to fade a dip.
