WTI CRUDE OIL - WTI Reached the Suggested Targe - 11/23/2016 (GMT)

The West Texas Intermediate (WTI) rose and surpassed our suggested target at $48.45 following the strong bounce off the $45.20 support level (see technical analysis here: http://bit.ly/2gk6g3t). Over Tuesday, the oil plunged within the $47.15 - $47.60 support zone, however, now is moving slightly above the 50-daily SMA and the 200-SMA on the 4-hour chart while it surged above the 100-weekly SMA. The MACD oscillator is following a positive path while it is moving below its trigger line. The Relative Strength Index (RSI) fell below the 70 level but is still in a bullish territory. The next level to watch is the $49.30 resistance level or moreover the $50.30 barrier.