WTI Oil – near-term action is directionless while holding within $44.00/$45.00 range
US CRUDE OIL
WTI Oil stays within narrow consolidation for the fourth consecutive day after extended recovery attempts stalled at $45.00 on Monday. Further directionless trading could be expected while the price holds within $44.00 / $45.00 range, with break of either side expected to generate direction signal.
Upside remains limited for now despite strongly oversold daily studies, however, stronger correction cannot be ruled out on firmer bullish signal on reversal of slow stochastic from oversold zone on daily chart.
Bullish scenario needs break above $45.07 (Fibo 38.2% of $46.69/$44.07 downleg) to trigger further recovery.
On the other side, persisting strong bearish sentiment maintains downside pressure and sees final push towards $43.74 target (05 May low) after limited correction.
Res: 44.67; 45.07; 45.38; 45.69
Sup: 44.07; 43.74; 43.06; 42.72
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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.
