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Technical Outlook: WTI OIL Eases After Six-Day Rally, Risk Of Stronger Weakness On Trade War Concerns

WTI oil price eases on Thursday after hitting marginally higher high at $65.70 (the highest since early Feb) in uninterrupted six-day rally.

Strong bullish sentiment could be soured by rising concerns about import tariffs on China, which could trigger stronger correction of $60.11/$65.70 ascend.

Overall structure remains firmly bullish and current easing could be seen as corrective action on overbought conditions (slow stochastic reverses in deep overbought territory).

Initial supports at $64.38/22 (Fibo 23.6% of $60.11/$65.70 rally / 26 Feb former high) are still intact, with deeper dips expected to find ground at $63.56 (Fibo 38.2% / Wednesday’s low) to keep bullish structure intact for fresh attempts higher and final push towards target at $66.64 (25 Jan peak).

Conversely, close below $63.56 would generate negative signal and risk further easing towards rising 55SMA at $62.79.

Res: 65.23, 65.53, 65.70, 65.85
Sup: 64.38, 64.22, 63.56, 63.26

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.

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