WTI CRUDE OIL - WTI Booked Profit at 48.60! - 10/31/2016 (GMT)

The West Texas Intermediate (WTI) recorded a fresh 2-week low at $48.46 following the strong pullback from the $51.10 resistance level. The oil recorded the first negative week after five consecutive green weekly sessions.

The technical structure suggests upside potential move after the rebound on the 200-SMA on the 4-hour chart. The oil reached our suggested target at $48.60 and had a pullback that level (see our analysis here: http://bit.ly/2fvCF9N). The price is moving towards the $49.75 resistance level and there are no obstacles until the latter barrier. On the other side, a break below the $48.46 resistance level will slip the price to $47.30 support level. Furthermore, the Relative Strength Index (RSI) is rising towards the 50 level, confirming the recent bullish attitude of the price.