WTI CRUDE OIL - First Target Locked at $54.70 - 02/28/2017 (GMT)

WTI Crude Oil remains within a sideways channel with upper band $54.70 and lower band $51.47 for more than 10 weeks. Founding significant support on the 50-SMA on the daily chart, the oil prices reached the upper boundary of the range, $54.70, as we suggested in a previous analysis, locking our first target (See the analysis here: http://bit.ly/2l2M3AE).

However, the black gold failed to surpass above it. If the bulls manage to push the commodity price above the aforementioned level, the next level to watch is $55.25. Otherwise, a drop below the 50-SMA, near $53.40 will slip the price towards the lower boundary of the sideways channel at $51.47. Both MACD and RSI are flattening giving no directional signal.