HomeContributorsTechnical AnalysisUSOIL Rises Towards March's High

USOIL Rises Towards March’s High

WTI crude climbed after the International Energy Agency said demand would outpace supply.

The price action has kept its bullish bias after it bounced back from the demand zone around 64.00 which lies on the 20-day moving average. A close above the previous peak at 66.60 would prompt more buyers to join the rally.

Last March’s high at 67.90 would be the next target and its clearance may send the price towards 70s. On the downside, the previous resistance at 64.90 has turned into a support.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading