WTI technical analysis: $58.63 is the level to beat for bulls

• WTI oil has invalidated Tuesday’s Doji candle with a move above $58.00
• A bull revival, however, needs a break above the key Fibonacci level of $58.63.

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.  

The level has proved a tough nut to crack three times in the last four days. A daily close higher will likely accelerate the preceding bullish move and yield a test of $60.00.  

The market will likely test dip demand near $57.00 if the Fibonacci level again caps upside.  

Daily chart

Trend: Bullish above $58.23

Technical levels