WTI oil price holds in positive territory in European trading on Monday after dipping to $64.60 in Asia.
Dips were repeatedly contained by rising 20SMA, keeping the downside protected for now.
Fresh strength probed through broken 10SMA ($65.23), with sustained break needed to improve near-term structure and shift focus higher.
However, negative sentiment on increase of US output continues to weigh, with increased downside risk seen of firm break below 20SMA which would expose key near-term support at $63.66 (31 Jan trough) and risk deeper pullback on break lower.
Res: 65.38, 65.74, 66.28, 66.64
Sup: 64.54, 63.66, 62.83, 62.50
