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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.
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