Oil is trading lower today as global trade disruptions may be set to ease. Ever Given, a massive container ship that has been stuck in the Suez Canal, has been refloated and efforts will be made to clear the waterway today. Ship's stem is still stuck but tugboats are attempting to move the ship to the canal's bank so that other vessels can freely pass. There are around 450 ships waiting for the Suez Canal to open.
WTI (OIL.WTI) pulled back from the resistance zone at around $61, marked by 38.2% retracement of a recent correction as well as 200-hour moving average (purple line). Downward move was halted at the support zone marked by 23.6% retracement and 50-hour moving average (green line). In case the ongoing recovery attempt picks up steam, the near-term target to watch is the aforementioned resistance zone at $61.
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Source: xStation5
