WTI Oil regained traction on Tuesday and retested key near-term barrier at $52.35 (top of near-term congestion / recent multiple upside rejections).
Near-term structure remains overall bullish and tracked by ascending 10SMA (currently at $51.66).
Bulls are also underpinned by 10/20 and 55/200 SMA bull-crosses, favoring eventual break above $52.35 pivot and attack at key s/t barrier at $52.84 (28 Sep high), break of which would signal resumption of larger uptrend from $42.04 (2017 low, posted on 21 June).
Fundamentals remain supportive as strong signs of global oil market rebalancing and comments from Saudi Energy Minister about possibilities of reaching agreement between oil producers on extending current output reduction deal, seen as positive signals.
Markets are focusing crude inventories reports (API report is due late today and EIA crude stocks report tomorrow), expecting another draw in crude stocks to further boost oil prices.
Res: 52.35; 52.84; 53.73; 54.27
Sup: 51.96; 51.66; 51.14; 50.86
