WTI Oil Outlook: Recovery extension eyes daily cloud base as WTI is on track for the biggest weekly gain in six months
|US CRUDE OIL
WTI oil extends advance on Friday after the action on Thursday ended in Doji, signaling a pause in recent strong rally.
Fresh upside pressures falling 55SMA ($53.68) and could extend towards key barriers at $54.54/$55.08 (4 Dec high / base of falling thick daily cloud), after break above psychological $50 barrier and extension above 200WMA ($52.24) generated strong bullish signals.
The oil is on track for the second straight bullish weekly close (the biggest one-week gains since late June 2018).
Bullish studies add to growing positive sentiment on hopes of US/China deal and output reduction from main oil exporters that would stabilize global oil markets.
Fresh draws in US crude stocks last week added to bullish outlook, with weekly close above 200WMA needed to confirm.
Dip-buying above $50 remains favored near-term scenario.
Res: 53.68; 54.54; 55.08; 55.55
Sup: 52.24; 51.30; 50.50; 50.00
Interested in WTI oil technicals? Check out the key levels
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