Following the surprise news from OPEC+ where the cartel decided to cut production by more than 1 million barrels a day, energy prices gapped strongly to the upside.
WTI tested the 82 price level again which was at the 50% fibonacci retracement level.
Typically it is believed that price would have to close the gap before continuing with the trend again.
Therefore, look for WTI to retrace before trading higher again, and if price breaks above the 82 resistance level, the next key resistance level is at 93.55
Overall significantly choppy price action is anticipated on energy prices in the short term
WTI tested the 82 price level again which was at the 50% fibonacci retracement level.
Typically it is believed that price would have to close the gap before continuing with the trend again.
Therefore, look for WTI to retrace before trading higher again, and if price breaks above the 82 resistance level, the next key resistance level is at 93.55
Overall significantly choppy price action is anticipated on energy prices in the short term