WTI CRUDE OIL - Will WTI Test the 50% Fibonacci Level? - 11/21/2016 (GMT)
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WTI CRUDE OIL Chart
Oil prices rose by 1% today as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years. The West Texas Intermediate (WTI) jumped to $47.28 price level following the strong pullback from the $42.90 support level.
The price is trading towards the $47.60 resistance barrier which coincides with the 50% Fibonacci retracement level of the last big downward move (high October 19th to low November 14th). Moreover, the price may have a further upward move until the $48.45 obstacle which is slightly below the 61.8% Fibonacci level. Technical indicators seem to be in agreement with the bullish attitude on price since both are following an upward path. RSI is sloping upwards approaching the overbought area as MACD lies above its trigger and zero lines with strong momentum.
The price is trading towards the $47.60 resistance barrier which coincides with the 50% Fibonacci retracement level of the last big downward move (high October 19th to low November 14th). Moreover, the price may have a further upward move until the $48.45 obstacle which is slightly below the 61.8% Fibonacci level. Technical indicators seem to be in agreement with the bullish attitude on price since both are following an upward path. RSI is sloping upwards approaching the overbought area as MACD lies above its trigger and zero lines with strong momentum.
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