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FxWirePro- Woodies Pivot(Major)

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FxWirePro: U.S. Oil extends bull run for the 7th straight session, hits new 13-month high

Monday, February 8, 2021 9:39 AM UTC

USOIL chart - Trading View

WTI crude prices hit new 13-month high as prices extend winning streak for the 7th consecutive session.

Oil price buoyed as Iran hints proposal to increasing arms embargo if the US fails to recall the sanctions and settle the terms of the 2015 nuclear deal.

The weekly charts confirm a bullish breakout above major trendline resistance at 53.45.

Analysis of GMMA indicator shows major and minor trend are strongly bullish and volatility is rising on the daily and weekly charts.

Price are set to test 110 month EMA resistance at 58.63. Decisive break above will propel the pair higher.

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FxWirePro: U.S. Oil extends bull run for the 7th straight session, hits new 13-month high

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