WTI crude oil’s rally resumes today and reaches as high as 59.46 so far. It’s now very close to key resistance zone around 60 psychological level. There are also 50% retracement of 77.06 to 42.05 at 59.55 and 55 week EMA at 59.25. For now, we do not expect a firm break of this 59.25/60.00 resistance zone. Bearish divergence condition in 4 hour MACD should also limit upside momentum. Break of 57.96 will indicate short term topping and bring pull back to 54.72 support. However, sustained break of 60 will pave the way to 61.8% retracement at 63.68 next.
