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The weak US dollar underpinned the oil rally on Monday session but remains below the key resistance. The price manages to hold the 20MA (week) past week and stabilized at 66.50$. The daily studies RSI is indicating a lower high whereas the oscillator has been remaining bearish.
Turning to positioning data, money managers cut their net long in the week of April 03, the CFTC said on Friday, according to Reuters.
The price is locked between 66.50-68.75$ levels, whereas a move above the range could elevate further to 69.50$ and 70.50$ with supports 67.40$ and 66.50$ levels.
Range: 66.50$-70.50$. Status: Bearish- Neutral
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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