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
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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