The price of a barrel of oil, (WTI), was capped below the daily 200-Experiential Moving Average on Tuesday in a consolidation of the 18th June rally.
On the downside, bears can target back down to the 200 weekly EMA (last week's low) and the 61.8% Fibo around the 52 handle. Lower down, there are prospects for a correction to back towards the14th Jan 50.41 low and then the 26th November lows at 49.44. On the upside, the 200-D EMA guards a run to the May highs of $59.67 in close proximity of the $60 psychological level.
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