US Oil :Correction likely to complete around 32.50 - 31.25

April 2020 low to the short term high around the 40 handle , Us oil likely to complete its correction around the 50 day exponential moving average around 32.50 or slightly below it . As of now , its testing the 100 day exponential moving average around 35.50 and price likely to consolidate until Thursday as the investors waiting for output from the JMMC/OPEC meetings . World stock indices and crude oil gave up the invincible gain since the crash as investors saw the domination of risk aversion/Powell comments on the last FED meeting.

Major levels to consider are :

35.50 - EMA 100 , breaking this level will let the price to drop further towards the 50 day EMA around 32.50 on the other side if this 35.50 short term supports holds then we can expect another leg up towards the 200 day EMA around 42.50