WTI crude oil surges to as high as 42.98 this week as boosted by coronavirus vaccine optimism. Though, it’s starting to lose momentum ahead of 43.50. At this point, we’re not expecting a firm break of 43.50 to resume the medium term rebound yet. At least, that’s not expected until will have a firmer schedule for vaccine deliveries. Break of 39.35 minor support will likely start another falling leg to extend the consolidation pattern from 43.50.
However, decisive break to 43.50 should have 55 week EMA firmly taken out. That would add to medium term bullishness for a take on 50.64 resistance turned support, which is close to 50 psychological level.
