- WTI balancing on key support which guards 61.8% Fibo.
- Accumulation of daily 20, 50 and 200 moving averages guard 60 handle.
West Texas Intermediate crude advanced by 0.16% by the close on Wall Street but the price has been capped by the 200-day moving average. On the downside, a break of support located on the rising support line of the channel at 55.80, opens 54.60, (61.8% Fibo). Further out, the 14th Jan 50.41 lows are ahead of the 26th November lows which are located at 49.44. On the upside, a push through 57.40 and the accumulation of daily 20, 50 and 200 moving averages opens the 20-week moving average, bulls will then look to the 60 handle and double top in the 60.80s.
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