WTI CRUDE OIL - WTI Crude Oil Target Locked at $52.65 - 01/13/2017 (GMT)

The West Texas Intermediate (WTI) crude oil created the second positive day in a row following the rebound on the $51.35 barrier which overlaps with the 50-daily SMA, a level that hit it after it slipped below our suggested target at $52.65 (see technical analysis here: http://bit.ly/2jKRtTX). Currently, the oil is trading higher and is moving towards the $55.25 - $55.70 resistance zone while the technical indicators seem to be in contrary with the price. The RSI indicator is sloping downwards, however, it still lies above 50 level. Furthermore, the MACD oscillator is falling within the positive territory. If there is no change on the indicators in the next few session, then a correction to the downside is possible as a negative divergence has been observed on MACD.