Crude Oil (WTI) looking to test the $66 zone

Crude Oil (WTI) looking to test the $66 zone

2019-11-11 • Updated

Crude Oil has been trading in a strong bullish bias during this week and it managed to break above the 63.00 milestone. Above it, we’re seeing a bullish formation that could confirm our current forecast of a cycle duplication towards the Fibonacci extension level of 100% at 66.15. Around that area, we could expect some declines to take place in order to reach the 200 SMA at H1 chart.

RSI indicator is off from the overbought levels, favoring to the pullbacks in the short-term.

WTI_OilH4.png

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