The group though underdelivered on those expectations as it hiked by 411,000 bpd, which is the same amount of May and June. This triggered a rally as the market readjusted to new conditions.
On the daily chart, we can see that the price is now approaching once again the key resistance zone around the 64.00 price area. That's where we can expect the sellers to step in to position for a drop back into the 55.00 low. The buyers, on the other hand, will want to see the price breaking above the resistance and the trendline to open the door for a rally into the 72.00 handle.
On the 4 hour chart, we can see that we've been trading in a range for a few weeks. Following the Friday's news, the buyers stepped in around the 60.00 support zone to position for a rally back into the resistance and increase the bullish bets following the weekend news. The sellers will want to see the price breaking below the support to increase the bearish bets into the 55.00 low.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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