WTI Crude Oil (Oct)
Oil pulls back today following yesterday’s sharply rally of over 10%, marking the strongest daily gains in past six years. The price met its target at 43.36, former lower top of 18 Aug, on today’s extension to 43.44.The rally stalled ahead of next targets at 43.62, daily Kijun-sen line and43.93, Fibonacci 38.2% retracement of 53.92/37.75, 15 July / 24 Aug fall.
Corrective pullback returns below cracked daily 20SMA and faces initial support at 41.56, Fibonacci 38.2% of yesterday’s rally, which should serve as ideal reversal point. However, near-term indicators remain in steep descending mode and see room for further easing, towards next support layers at 40.85, daily10SMA and daily Tenkan-sen at 40.59, which is expected to contain extended dips and maintain freshly established near-term bulls.
Renewed attempts higher, need to close above daily 20SMA, which capped yesterdays rally, to confirm recovery, as oil price is on track for the first weekly bullish close in past ten weeks.
Res: 43.44; 43.62; 43.93; 44.61
Sup: 41.56; 40.85; 40.59; 40.00
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