Oil Sub $47 As OPEC Awaits Russia’s support
Fiona Cincotta March 5, 2020 12:11 PM
Oil has been unable to hold onto earlier gains and is once again trending southwards on Thursday ahead of the highly anticipated OPEC meeting
Oil has been unable to hold onto earlier gains and is once again trending southwards on Thursday ahead of the highly anticipated OPEC meeting.
Levels to watch
Oil is trading down 0.3% on the day. It remains below its 50 sma, 100 sma and 200 sma on the 4 hour chart. The bears are in control.
Immediate support can be seen at $46.34 (today’s low) prior to 43.85 (low 28th Feb).
On the flip side resistance can be seen at 47.55 (today’s high) prior to $48 (50 sma) and $48.75 (high 26th Feb, 3rd March).
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