USOIL chart - Trading View
US Oil spikes higher for the 3rd straight session, refreshes 13-month highs at $65.02.
West Texas Crude Oil prices navigate YTD highs above $65.00, inches closer towards 200-month MA at 69.63.
Oil prices were buoyed after OPEC and its allies decided at a meeting on Thursday to set aside proposals for expanding output and to keep a tight rein on production.
OPEC+ decided to stick with current quotas for April with some exceptions, pushing crude prices higher.
Technical analysis for the pair are bullish. Price action is above cloud and major moving averages.
Price action is extending gains above 200W MA and has shown a break above monthly cloud.
Analysis of GMMA indicator shows major and minor trend are bullish on daily and weekly charts.
RSI is above 70 and supports the current uptrend. WTI is on track to test 69 levels. Failure to hold above monthly cloud will negate bullish bias.
