HomeContributorsTechnical AnalysisTechnical Outlook: WTI Oil Price Regained Traction And Extends Recovery From $63.66

Technical Outlook: WTI Oil Price Regained Traction And Extends Recovery From $63.66

WTI oil price regained traction and extends recovery from $63.66 (correction low) on Thursday after EIA report showed significant draw in gasoline and distillate inventories which offset negative impact from unexpectedly strong build in crude stocks (6.7 million barrels vs forecasted build of 0.12 million barrels).

Extended recovery so far retraced 61.8% of $66.45/$63.66 pullback, generating strong bullish signal and shifting near-term focus higher.

Fresh rally returned above rising 10SMA ($64.86), signaling that the probe below in past two days was short-lived.

However, close above 10SMA is needed to confirm renewed bullish stance, while sustained break above cracked Fibo 61.8% barrier ($65.38) is needed to confirm reversal and re-focus recent highs at $66.45 and $66.64.

Res: 65.38, 65.54, 65.79, 66.45
Sup: 64.86, 64.62, 64.17, 63.66

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading