WTI (Oil): corrective phase in favor of the bulls

WTI (Oil): corrective phase in favor of the bulls

2019-11-11 • Updated

WTI (Oil) has been strong in a bullish bias above the 200 SMA and now it’s challenging the demand zone between the 49.30 and 48.24 levels. It’s expected to see a rebound that take the black gold to reach the resistance level of 52.85, ahead of the Fibonacci target lying at -23.6% in the 54.52 level. To the downside, a break below the 48.24 level should expose the 45.76 level, according to our outlook in the H4 chart.

RSI indicator remains in the negative territory.

WTI_OilH4.png

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