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

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

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.





Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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