WTI: Bulls testing the 60 handle and key resistance

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  • While the price holds above the double-top highs and above the 57.93 horizontal prior resistance line going back to mid-Nov 2018, the market remains bullish.
  • At this juncture, the price is supported at trendline support prior resistance of 59.
  • The Ichimoku cloud is also offering bullish signals.
  • Bulls look to the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74, reviving prospects for the 70 handle.  
  • On the flipside, on the wide, a fall to 54.50 will open a case for 50.50 as the 23.6% Fibo support structure.

 

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