WTI Price Analysis: Corrects to $80.00 after a gap-up move, volatility to remain high Oil WTI DollarIndex SupportResistance Fed
gap-up opening above $81.00, 7% higher from Friday’s closing inspired by the announcement of further production cuts by OPEC+ this weekend.
On the daily scale, the oil price has sensed some long-liquidations after a solid gap-up move post facing barriers near the horizontal resistance plotted from March 07 high around $81.00. Upward-sloping 10-period Exponential Moving Average at $74.20 indicates that the upside momentum is extremely solid.
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