Crude Oil Price and Forecast: WTI testing offers near $58.50 ahead of US data
WTI technical analysis: $58.63 is the level to beat for bulls
WTI oil is currently flatlined near $58.25 per barrel.
The black gold jumped 0.73% on Tuesday to print a close above Tuesday's Doji candle's high of $58.12. Usually, a positive follow-through to the Doji candle is considered a sign of bullish continuation.
In this case, however, a break above $58.63 – the 61.8% Fibonacci retracement of the drop from $$63.33 to $51.03 – is needed to revive the bullish setup. Read more…
WTI testing offers near $ 58.50 ahead of US data, EIA report
WTI (oil futures on NYMEX) extends the steady rise from the Asian session lows of 58.16, although struggles to take-out the 58.50 resistance, as the bears continue to find some support from the overnight build in the US Crude Stocks, according to the latest data published by the American Petroleum Institute (API). Read more...
WTI Levels to watch