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Wed, 22nd February 2017

Anirudh Sethi Report

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Saudis cut oil output to fully implement OPEC pledge: WSJ

Crude oil trades near closing levels from yesterday

The WSJ is reporting that the Saudi’s have cut oil output to fully implement the OPEC pledge. 
Crude oil futures are trading a $53.29 near the closing level from yesterday. 
Crude oil remains between $50 and $55 per barrel. The 50, 100 and 200 hour MA are between $53.03 and $53.51.  We trade between those MA levels.  Traders may just take clues from the next move.  IN favor of the bulls is the floor developed at the $52.12 level in trading on Tuesday and Wednesday. That was the same low area from December 22 (see blue circles).  We still need that push above the MA though. 

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