WTI Oil outlook: Oil price rises nearly 4%, key barriers under pressure

Slobodan Drvenica Windsor Brokers

WTI Oil

WTI oil price jumped around 3.7% and hit the highest in almost two weeks on Monday, on track for the biggest daily gain since April 9.

Fresh advance penetrated daily cloud (spanned between $62.83 and $63.92) and cracked psychological $63.00 level.

Near term focus shifts to key resistances at $63.92 /$64.03 (cloud top / ceiling of recent four-week congestion) break of which to generate stronger bullish signal for continuation of recovery from $55.14 (May 5 low).

Technical picture on daily chart is improving, as momentum studies are turning positive and daily Tenkan/Kijun-sen are in bullish configuration and below the price, but more work at the upside is still required to further firm the structure.

Sustained break of pivotal $64.00 zone to expose targets at $64.70 (April 23 top) and $65.00 (psychological).

Hourly higher base at $61.68 offers solid support which should contain dips and guard $61.34 (broken Fibo 38.2% of $71.98/$54.77, reinforced by 10DMA),

Res: 63.14; 63.38; 64.03; 64.70.
Sup: 62.24; 62.00; 61.68; 61.34.

Interested in WTI technicals? Check out the key levels

1. R3 63.25
2. R2 62.29
3. R1 61.3
PP 60.35
1. S1 59.35
2. S2 58.4
3. S3 57.4

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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