The WTI CRUDE OIL to trade higher for the day and closed above $52.10 .This confirms major bullishness and a jump till $54.55-64.55/$ On the higher side, The WTI CRUDE OIL is facing strong psychological resistance around $54.10 and break above will take the crude to next level till $59.50/$64.55.
The near term support is around $50.40-49.80 and any violation below will drag the commodity down till $47.50/$45.50.Any break below $49.80 confirms minor weakness.
It is good to buy on dips around $52.90-52.20 with SL around $51.60 for the TP of $58.66-64.64.
The WTI CRUDE OIL could build an inverted head and shoulders reversal chart pattern, which are indicated by the purple boxes. A bullish continuation is expected towards the 23.6% Fibonacci retracement level of wave B vs A (light purple).
The WTI CRUDE OIL is showing a small consolidation pattern. A bullish break could see price move up towards the 1.15 resistance trend line (red) whereas a bearish break below support (blue) will probably see price move lower and test the Fibonacci retracement levels of wave 2 vs 1 (green). These Fibonacci levels are expected to potential support levels and bullish bounce zones for a move higher. A break below the 100% Fib of wave 2 vs 1 invalidates the wave 1-2 pattern.
The near term support is around $50.40-49.80 and any violation below will drag the commodity down till $47.50/$45.50.Any break below $49.80 confirms minor weakness.
It is good to buy on dips around $52.90-52.20 with SL around $51.60 for the TP of $58.66-64.64.
The WTI CRUDE OIL could build an inverted head and shoulders reversal chart pattern, which are indicated by the purple boxes. A bullish continuation is expected towards the 23.6% Fibonacci retracement level of wave B vs A (light purple).
The WTI CRUDE OIL is showing a small consolidation pattern. A bullish break could see price move up towards the 1.15 resistance trend line (red) whereas a bearish break below support (blue) will probably see price move lower and test the Fibonacci retracement levels of wave 2 vs 1 (green). These Fibonacci levels are expected to potential support levels and bullish bounce zones for a move higher. A break below the 100% Fib of wave 2 vs 1 invalidates the wave 1-2 pattern.
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