WTI OIL – extended consolidation seen while $50.00 support holds

Slobodan Drvenica Windsor Brokers

US CRUDE OIL

WTI oil price moves lower on Friday after Thursday's action ended in long-tailed Doji, signaling hesitation ahead of $51.00 barrier which was dented on Wednesday.
Today's easing was so far mild and suggesting the price may hold in extended consolidation while initial support at $50.00 (Thursday's low and strong downside rejection) holds.
Overall bullish structure was reinforced by formation of 10/200 SMA golden-cross, which underpins the action.
Sustained break above $50.83/$51.09 (cracked FE 100$ of the wave C from $46.99 trough/Wednesday's fresh four-month high) would signal bullish continuation and extension of the third wave (of five-wave sequence from $45.57) towards its FE 123.6% at $51.74.
Caution on break below $50.00 (as slow stochastic is reversing from o/b zone on daily chart and generating bearish signal) which may spark deeper pullback towards next pivotal support at $49.55 (200SMA).

Res: 50.83; 51.09; 51.55; 51.74
Sup: 50.44; 50.00; 49.74; 49.55

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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