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WTI oil heads for strong bullish daily / weekly close

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    WTI Crude Oil (May) Oil extends the second leg of recovery from 35.22 (05 Apr low), through yesterday’s high at 38.27 and 31 Mar lower top 20SMA at 39.02, eyeing next significant barrier at 39.70 (Fibo 61.8% of 42.47/35.22 descend. Firm bullish setup of near-term studies, with daily RSI rising above neutrality territory and Momentum turning higher, are supportive for further recovery. Close above Fibo 61.8% barrier at 39.70, is needed to generate further strong bullish signal, while regain of

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