Oil has made a substantial move up after the further production cut from Russia and S.Arabia. However, the price is having a retracement now.
As the price always tends to reach the equilibrium after having a substantial move up or down, we are seeing a retracement. The zone 63.90-64.35 is very important. If the market closes in the POC zone we might expect a bounce above. Targets will be 64.42 followed by 65.06 and 66.12. However a drop below 63.14 will instigate a further bearish pressure towards 62.50 and 61.44.
