WTI trades around the 200 weekly EMA near 52.50 and bears will look for a push below the 14th Jan 50.41 low which guards the 26th November lows at 49.44.
We also have the descending wedge patter’s support around 49.70/50.00.
The 61.8% Fibo is also a firm support where price has made a double bottom on a daily basis that meets trend line support.
On the flip-side, a break of 53 opens 54.50 and 56 meeting the 20-D EMA.
Extra reading:
Oil prices were up more than 3% on Thursday following reports of a tanker incident in the Gulf of Oman off the Iran coast:
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Iran says it categorically rejects “US. unfounded claim” – Iranian mission to United Nations
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