WTI Oil outlook: Bears regain control on demand concerns, reaction at key $60 support in focus
WTI Oil
WTI oil price remains in red for the second consecutive, weighed by fresh demand concerns following weak manufacturing numbers and OPEC+ decision to pause oil production hikes in early 2026, with strong dollar also contributing to near-term performance.
The price fell nearly 1.5% in early Tuesday trading and attacks again significant $60 support (psychological / Fibo 38.2% of $55.96/$62.58 recovery leg) where several attacks failed recently.
Daily studies lack clearer direction signal (MAs in mixed setup, but daily Tenkan/Kijun-sen have formed bull-cross / fading positive momentum), with reaction at $60 level seen as key for the near-term action.
Firm break lower to generate initial signal that corrective leg from $55.96 (Oct 20 multi-month low) might be coming to its end and shift focus to the downside (targets at $59.27 and $58.49, Fibo 50% and 61.8% respectively).
Conversely, repeated failure at $60 support would add to significance of support and keep the price in extended range, with initial bullish signal expected on break of range top ($61.48).
Res: 60.42; 61.00; 61.95; 62.58.
Sup: 59.70; 59.27; 59.00; 58.49.
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.
