WTI Oil stands on the front foot on Tuesday and retests strong barrier at $56.72 (Fibo 61.8% of $57.90/$54.80 pullback) which repeatedly resisted attack in previous sessions.
Bulls regained traction after Monday’s strong downside rejection at $55.73 and close above 10SMA ($56.30) which also holds today’s action, acting as initial support.
Overall bullish setup favors final break through $56.72 barrier which would open way for extension towards key $57.90 barrier (08 Nov peak) and eventual weekly close above $57.14 (Fibo 38.2% of larger 107.45/$26.04 descend).
Caution on overbought conditions on daily chart which suggest hesitation ahead of $57.90 barrier.
Res: 57.17, 57.90, 58.63, 59.08
Sup: 56.30, 55.98, 55.73, 55.48
