WTI oil closing in on major support
With the US and Iran entering ‘serious’ discussions, this has eased fears of a supply shock and sent the price of WTI Oil lower by around 6.0%. Technically, following an attempt to hold above a 1M resistance level of US$64.82, price has since dipped under the 3M support level of US$62.47, which could now serve as a resistance level.
Lower, there is a 1Y support level near at US$61.22, with a break under here opening the door to a 3M support level coming in at US$59.46, closely followed by a 6M support level at US$58.34, and a 1M support level at US$57.40.
Ultimately, while sentiment remains to the downside for now, there are a number of key support levels near that will likely hinder bearish attempts.
Written by the FP Markets Research Team

OIL SHOWING PRICE BREAKDOWN, MAY FALL BELOW 62.50!
Crude oil structure breaks down on lower timeframe.
N.B!
- USOIL price might not follow the drawn lines . Actual price movements may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
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