WTI oil consolidates under m/t target at $51.65, oil stocks data eyed for n/t direction
|WTI Crude Oil
Oil price is in red for the second day, but easing from fresh high at $51.58 remains limited at $50.38 for now. Today’s action holds within narrow range, as near-term studies are in neutral/positive mode.
Overall bullish structure favors further upside and final break above key $51.65 barrier will trigger extension of wave C towards its 238.2% Fibonacci expansion at $52.75.
Bullish sentiment is supported by hopes of output reduction, with release of weekly oil stocks due today and tomorrow, expected to affect near-term action.
Loss of initial support at $50.38 will signal stronger correction that will expose next strong level at $50. Key near-term support lies at $49.14 (10 Oct trough).
Res: 51.15; 51.58; 51.65; 52.00
Sup: 50.63; 50.38; 50.00; 49.72
Interested in DB WTI technicals? Check out the key levels
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