WTI bulls holding the fort in the $56 handle on rising support line

Ross J Burland FXStreet

WTI has held off the bearish pressures so far, with price dipping below support overnight below the session lows of 55.85 and leaving a bullish pin bar on the 4-hour chart. The 56 handle is back in play. On a push higher, bars will look to the 57.40 level and the accumulation of daily 20, 50 and 200 moving averages that opens the 20-week moving average. Thereafter, bulls will look to the 60 handle and double top in the 60.80s. The weekly charts have shown a strong rejection on the recent charts and the daily price action has been capped by the 200-day moving average. On the downside, on the wide, the 14th Jan 50.41 lows ahead of the 26th November lows, located at 49.44, are keen targets. First of all, bears will need to get below the 54.70s.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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