WTI is trading 1.76% higher after the JMMC proved to be bullish. The market has now pushed through USD 41.00 per barrel. WIT 4-hour chart The OPEC+ JMMC panel agreed to extend the compensation period for overproduction till the end of December. This is big news as the market was waiting for the group to taper and for more oil supply to come back to the markets. OPEC is concerned over the impact of second virus wave according to the draft statement. Looking at the chart it seemed like the price was starting to reverse and make lower highs and lower lows. After the announcement was released the green resistance just above USD 39.00 per barrel was taken out to the upside. Now the market needs to test the previous distribution and the point of control is the blue line at USD 42.50 per barrel. The trend could now move back in the upward direction. The indicators are now moving higher as this spike continues. The MACD histogram is firmly green and the signal lines have crossed again to the upside. The Relative Strength Index is overbought but there is a small divergence. This suggests there could be a small breather coming up. It will be interesting to see if the price breaks the blue resistance zone and if it does another high could be made in the medium term. Before that, there is an upward sloping trendline that could provide some resistance. This was broken but as we know trendlines are often retested. For now, the bull market continues. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Likely to remain confined to familiar ranges until fresh catalysts arise – TD Securities FX Street 2 years WTI is trading 1.76% higher after the JMMC proved to be bullish. The market has now pushed through USD 41.00 per barrel. WIT 4-hour chart The OPEC+ JMMC panel agreed to extend the compensation period for overproduction till the end of December. This is big news as the market was waiting for the group to taper and for more oil supply to come back to the markets. OPEC is concerned over the impact of second virus wave according to the draft statement. Looking at the chart it seemed like the price was starting to reverse and make lower highs and lower lows.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.