WTI oil outlook: Crude oil rises to one-month high

Slobodan Drvenica Windsor Brokers

WTI OIL

WTI oil price accelerated higher after three-day consolidation and hit one-month high in early Tuesday’s trading.

Weaker dollar and expectations for further fall in the US crude inventories, contributed to fresh advance, along with reports that Saudi Arabia’s crude oil exports fell to the lowest in eight months, highlighting country’s commitment to voluntarily cap the output to support oil prices.

Fresh advance broke above important Fibo barrier at $63.86 (61.8% of $67.95/$57.25) with daily close above here to confirm bullish signal and open way for gains towards targets at $65.42/$66.38 (Fibo 76.4%/Mar 15 high).

Multiple bull-crosses of daily moving averages and rising bullish momentum underpin the action. Broken Fibo barrier offers initial support at $63.86, guarding the top of rising daily cloud ($63.03) which tracks the advance for the fifth straight day.).

Res: 64.28; 64.85; 65.42; 66.00
Sup: 64.00; 63.86; 63.35; 63.03

Interested in Oil technicals? Check out the key levels

1. R3 64.93
2. R2 64.31
3. R1 63.92
PP 63.29
1. S1 62.9
2. S2 62.28
3. S3 61.89

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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