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  • WTI struggles at a series of moving averages and resistance.
  • 54.60 comes as a 61.8% Fibo downside target while 60 handle holds upside target.

Technically, the price of oil has been capped by the accumulation of the 20 and 200-day moving average as well as the 20-hour moving avarage in recent trade. 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.).

Should the northerly trajectory play out again,  bulls can look for a test through 57.40 and the accumulation of daily 20, 50 and 200 moving averages ahead of  the 20-week moving average. The  60 handle and double top in the 60.80s will be secondary objectives.