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WTI Oil Outlook: Oil Prices Extend Weakness On Prospects Of Lifting Sanctions On Iran

WTI oil remains in red for the third straight day, weighed by renewed supply concerns over fresh rise in new virus cases in Asia, progress in talks towards a deal to lift sanctions on Iran, that would boost global supply and rise in US crude stocks.

Fresh weakness pressures Wednesday’s low at $61.95 (the lowest in a more than three weeks), with a sustained break here to open way towards key supports at $60.97 / $60.60 (Fibo 61.8% of $57.25/$66.99 / Apr 22 trough).

Weakened daily studies (10/20/30/55 DMA’s turned to bearish setup and momentum is holding in the negative territory) support fresh bears, with magnetic Monday’s daily cloud twist adding to negative signals.

Broken Fibo support at $62.12 (38.2% of $57.25/$66.99) reverted to strong resistance which should keep the upside protected and maintain fresh bearish bias.

Res: 62.75, 63.27, 63.97, 64.33.
Sup: 61.95, 61.41, 60.97, 60.60.

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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