WTI Oil has managed to break and close above the 58.7 level and now is approaching the $60 price / barrel. We had a consolidation in last two weeks and if the price will close above $60, then the price is expected to go higer in the next period with first target at the median line (ML) of the descending pitchfok. The price is trading just above the 23.6% retracement level (drawn on the last descending swing) but we have another Fibonacci level somewhere at 60.15 (23.6% from Monthly chart). I’ve also drawn an ascending pitchfok on the upward movement, the price is trading between the median line (ml) and the lower median line (lml), so, as long as the price is trading inside of the ascending pitchfok body the price is bullish. The price can find an important resistance at the ML but also higher somewhere between 67 and 70.
By Olimpiu Tuns: Owner and Market Analyst at http://ovtbusiness.com/en/