Oil Climbs More Than $2 Off the Lows, Closing the Weekend Gap, After Russia’s Comments
Skerdian Meta • 1 min read
Crude Oil popped back up after those comments. WTI crude was finding resistance at the 20 SMA (grey) on the H1 chart, but it jumped above the 20 SMA, as well as above the 50 SMA (yellow). Although, the price as retreated back down below the 50 SMA now. This might be a good place to fade the retrace in Oil and open a sell signal, given that the European and probably the global economy will sink again after the new restrictions. But, we will see if buyers will have another attempt at the upside.