WTI CRUDE OIL - Jumped Sharply Higher and Surpassed Our Target at $52.05 - 09/27/2017 (GMT)

The West Texas Intermediate crude oil surged sharply higher on Monday, adding more than 3.5% to its performance. The oil reached a new five-month high at $52.48 yesterday and is moving towards the next immediate resistance area at $53.55 - $54.10. It is worth to mention that the price hit our recommended target at $52.05 during its run (see technical analysis here: http://bit.ly/2wsydBx).

Technically, the price successfully surpassed the 50-week SMA and is completing the fourth bullish week in a row. On the daily timeframe, the 50-SMA is ready to post an upward crossover with the 200-SMA signalling for further rising. Moreover, the MACD oscillator is moving higher in the positive path and is strengthening, whilst the RSI indicator inserted into the overbought zone climbing above the 70 level.