USOIL Longs, Surprise oil output cuts| 3rd April 2023Fundamental Backdrop
1. Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day
2. This can cause a bullish run in prices in the long run.
Technical Confluences
1. Price near 81.7 resistance
2. Price shot through the support at 72.50 with strong bullish momentum, causing a market gap
Idea
With the oil cuts in place, we have a strong bullish bias. If price is able to break the resistance at 83.60, we could see price head towards the next resistance at 93.1
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