WTI crude futures soared more than 6% in a volatile session on Friday, after jumping 25% in the previous session as major oil producers began to reduce production to offset a drop in demand hit by the coronavirus crisis.
OIL.WTI is testing major resistance level at $23.63 per barrel which is additionally strengthen by 200 MA (orange line) and downward trend line. If buyers manage to break above it, an upward impulse towards $29.61 per barrel could be launched. On the other hand, once sellers regain control, the support at $17.34 per barrel may be at risk. Source: xStation5
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