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USOIL chart - Trading View
West Texas Intermediate (WTI) continues to grind higher, hits fresh 7-week highs above $65 mark.
Latest PMI data from the euro area and the US showed business activity in the manufacturing sector continued to expand at a robust pace.
Improving demand outlook is supporting oil prices higher. That said, uncontrolled coronavirus outbreak in India poses downside risk and could limit upside.
Technical bias for the pair is bullish. GMMA indicator shows major and minor trend are bullish. Pullback has held support at daily cloud.
Oscillators are bullishly aligned, volatility is rising. MACD and ADX also support gains. Price is extending gains above 110-month EMA and is on track to test 200-month MA at 69.79.
On the flip side, 5-DMA is immediate support at 64.40. Break below will see dip till 21-EMA. Bullish invalidation only below daily cloud.
Later in the day, the American Petroleum Institute's (API) Weekly Crude Oil Stock report will be looked upon for fresh impetus.
