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US oil chart on Trading View used for analysis
- US oil is trading in a narrow range, edges above 5-DMA at 51.96.
- Caution seen in the commodity markets ahead of an OPEC meeting next week.
- Members are expected to decide on some form of supply cut to counter an emerging glut.
- The pair has slipped below 200W SMA in the previous week's trade. Retrace and close above 200W SMA this week could see further upside.
- Oil prices have still fallen by almost one-third since early October, weighed down by the supply concerns.
- Technical studies are still biased lower, however bullish divergence on RSI and Stochs keeps scope for upside.
- Immediate resistance is seen at 200W SMA at 52.17, while 51.97 (5-DMA) is immediate support.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
