- While WTI holds above the double-top highs and above the 57.80/90 horizontal prior resistance line going back to mid-Nov 2018, the market leans bullish.
- A break out of the wedge’s resistance through the 59.70s is needed where bulls will then look to the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows in the 63.70s, reviving prospects for the 70 handle.
- On the flipside, a fall to 54.50 will open a case for 50.50 as the 23.6% Fibo support structure.
- Pivot points: S1 58.48 S2 57.76 S3 57.39
- Pivot points: R1 59.57 R2 60.00 R3 60.85
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