WTI Oil looking to make a rebound at the current stage

WTI Oil looking to make a rebound at the current stage

WTI Oil is facing a strong support zone around the Fibonacci level of 65% at 62.21. The short-term picture remains bullish despite the corrective phase which it has been following during the last few days. A rebound over there should help to resume the bullish bias towards the first target at 66.38, ahead of the critical Fibonacci zone of -23.6% at 67.90. To the downside, a break below 62.21 should expose the 59.96 level.

RSI indicator stays in the negative territory, although we can expect a neutral tone.

WTI_OilH1.png

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