Technical Analysis: WTI drops from 21-day EMA, monthly resistance line on OPEC+ disappointment
Not only lesser than expected production cuts of 20 million barrels a day to the half amid the OPEC members but no final decision over its application on OPEC+ group also weighs on the WTI off-late. As a result, the energy benchmark remains below near-term key resistance confluence including 21-day EMA and monthly resistance line, which in turn increases the odds for the quote's drop towards $20.00 and the previous month's bottom surrounding $19.00.
However, any positive decision at today's G20 energy ministers' summit could help the energy benchmark to cross the $27.00 resistance confluence. In doing so, the oil benchmark could rise to the seven-week-old falling trend line, near $31.25/30. Assuming the buyers to dominate past-$31.30, March 11 top close to $36.25 and March 06 low near $41.00 should return to the charts.