WTI Oil close to make a rebound around $48

WTI Oil close to make a rebound around $48

WTI Oil has been bearish across the board, but in an overall picture it’s still riding a bullish structure since mid-July. Currently, it’s poised to test the Fibonacci demand zone established between the 47.91 and 47.16 levels (50% - 65%), where it could gather bullish momentum to resume the bulls’ path and if that happens, the next key target is placed at the 51.58 level, according to the Fibonacci retracement plotted in the H1 chart.

RSI indicator is at the oversold territory, strengthening the idea of a short-term rebound.

WTI_OilH1.png

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