US Oil - near-term action remains neutral while the price holds within $50.20/$51.00 range

Slobodan Drvenica Windsor Brokers

WTI Crude Oil

Oil price entered narrow consolidation after pullback from fresh multi-month high at 52.21, posted last week, found footstep above psychological $50.00 support. Near-term action will remain in neutral mode while the price holds within $50.00/$51.00 range.
Daily bulls are so far intact and the price remains within larger congestion, formed between $49.78 and $52.21, after attempts above initial barrier at $51.59 (former congestion tops) failed to sustain break higher.
The first trigger lies at $50.20 and break lower would put pressure on ey near-term breakpoint at $49.78, loss of which would signal deeper correction. Otherwise, prolonged consolidation above $50.20 would keep fresh upside attempts in play. Firm break above $51.00 is needed to confirm fresh near-term bulls and re-focus $52.21 high.

Res: 51.00; 51.44; 51.81; 52.21
Sup: 50.20; 49.78; 49.14; 48.20

Interested in DB WTI technicals? Check out the key levels

1. R3 51.9800
2. R2 51.5100
3. R1 51.1300
PP 50.6600
1. S1 50.2800
2. S2 49.8100
3. S3 49.4300

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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