WTI oil price surges sharply and breaches 63.04 resistance. Recent rally accelerates abruptly on news that US air strike killed top Iranian commander, Qassem Soleimani, the general who led the Revolutionary Guards’ Quds force. “This strike was aimed at deterring future Iranian attack plans,” the Pentagon said in a statement. Ahmed al-Assadi, a spokesman for Iraq’s Popular Mobilisation Forces (PMF) said “the American and Israeli enemy is responsible for killing the mujahideen Abu Mahdi al-Muhandis and Qassem Soleimani.”
There is no clear follow through buying above 63 handle yet. As WTI will enter into key resistance of 63.04/66.49 on the next rise, we’ remain cautious on topping there. Meanwhile, break of 60.46 support will be a sign of rejection by the mentioned resistance zone. In this case, WTI should then at least have a pull back to 55 day EMA (now at 58.43).
