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FxWirePro: US Oil extends sideways grind, recovery capped amid oversupply and global growth concerns

US Oil chart on Trading View used for analysis

  • US Oil extends sideways grind, remains capped below 21-EMA.
     
  • Recovery attempts lack traction, upside capped at 5-DMA.
     
  • Sentiment continues to be dented by the looming supply glut worries and economic growth concerns.
     
  • Markets skeptical whether the planned supply cuts by the OPEC and other producers such as Russia will be able to stabilize the oil markets.
     
  • Technical studies are biased lower. Price action below cloud and major moving averages.
     
  • Markets look forward to the US weekly crude stocks data for fresh direction.
     
  • Immediate support lies at 49.72 (Lower BB), while immediate resistance lies at 21-EMA at 53.30.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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