FxWirePro: WTI Crude Oil pivotal at 110 month EMA, breakout to strengthen bullish outlook

USOIL chart - Trading View 

US Oil was trading 0.36% higher on the day at 58.60 at around 10:15 GMT, up for the 9th straight session.

The pair is on a bullish streak for the 4th straight month and has gained over 12% for the month till date.

Fundamental picture remains bullish and WTI prices largely ignored a bullish API inventory report overnight.

This week’s API report showed crude oil inventories posted a surprise 3.5M barrel draw versus expectations for a 1M build. Traders now await the US Energy Information Administration (EIA) due later in the day. 

OPEC+ members' commitment to honor production cuts and optimism regarding the global economy continue to buoy oil markets.

Prices have approached stiff resistance at 110 month EMA at 58.65. Decisive break above will ignite further gains. Scope for test of 200 month MA at 69.52. 

Resistances align at 60 (psychological mark) and 65.62 (2020 high). 200W MA at 53.24 is major support. Bullish invalidation only on retrace below.