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Oil rises sharply after Iran mixed comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices rallied on Wednesday and reversed previous day’s losses following mixed comments from Iranian oil minister.

    West Texas Intermediate crude for March delivery closed 5.6% higher at $30.66 a barrel, having reached a session peak of $31.13 a barrel.

    Iran’s oil minister expressed support for a plan to keep production ceiling by OPEC and non-OPEC countries, but he did not specify whether Iran will join the production freeze.

    WTI technical perspective

    “In the daily chart, the price is currently battling with a mild bearish 20 SMA, which has contained advances for most of these last two weeks, while the technical indicators have extended their recoveries within bearish territory, now approaching their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price has recovered above a sharply bullish 20 SMA, but the technical indicators have turned lower within bearish territory, suggesting some consolidation ahead of the next directional movement”.

    Support levels: 30.10 29.40 28.60. Resistance levels: 30.80 31.50 32.10.
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