WTI oil consolidates under m/t target at $51.65, oil stocks data eyed for n/t direction

Slobodan Drvenica Windsor Brokers

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

1. R3 52.5167
2. R2 52.0333
3. R1 51.3467
PP 50.8633
1. S1 50.1767
2. S2 49.6933
3. S3 49.0067

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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