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Technical Outlook: WTI Oil Holding above Broken Key Barriers

WTI oil is holding above broken key barriers at $50.00/10 (psychological barrier / Fibo 38.2% of $55.01/$47.06 descend) that were taken out on last week’s strong bullish acceleration from base that was formed at $47.00 zone.

Recovery rally peaked at $50.83 on Friday (the highest of past three weeks) where rally was temporarily capped by daily Kijun-sen line, ahead of next targets at $51.03/14 (50% retracement of $55.01/$47.06 / 100SMA).

The price is expected to consolidate under Kijun-sen barrier, with extended upticks not ruled out, as slow stochastic is strongly overbought on daily chart (no firmer bearish signal yet), with $50.00 zone (reinforced by top of thick hourly cloud, spanned between $50.00 and $49.41) expected to ideally contain and keep immediate near-term bulls intact.

Only return below hourly cloud (also near Fibo 38.2% of $47.07/$50.83 upleg) would weaken near-term structure.

Res: 50.83; 51.03; 51.14; 51.70
Sup: 50.47; 50.00; 49.41; 48.94

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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