On our analysis on the 07.04.19 indicated a triple moving average crossover buy signal and Fibonnaci resistance at $63.73. WTI crude oil consolidated around this level until today as the US decided it won’t renew exemptions from its sanctions to buyers of Iranian crude after they expire on May 2. This has resulted in oil jumping approximately 2% from $64 to $65.33 extending it's rally today albeit on thin holiday trade volume. However we maintain our bullish stance on this market and will look towards WTI crude oil reaching it's next Fibonnaci resistance level at $69.7 with support at $63.8.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.