Oil defying gravity at trend-line resistance, prospects for $60 increasing

The price of a barrel of oil has been climbing on the charts and is now well placed for higher levels.
Bears still lurking below 60, with sights on the 61.8% Fibo at 51.70.

Ross J Burland FXStreet

The Bulls have managed to get into a bullish position which opens risk towards the 60 handle on the daily outlook while the price is now testing the upper GMMA band's resistance and is now above the 200-daily moving average. The trendline resistance is a major barrier though.

The bulls, do, however, need to close above the 60 handle with conviction as failures there leaves the fundamental sounder prospects of the 52 handle at risk where a breakdown here could lead to a test of the 61.8% Fibo at 51.70 on the wide.

WTI

Overview
Today last price	56.43
Today Daily Change	0.60
Today Daily Change %	1.07
Today daily open	55.83

Trends
Daily SMA20	54.78
Daily SMA50	56.58
Daily SMA100	58.19
Daily SMA200	56.21

Levels
Previous Daily High	56.59
Previous Daily Low	55.26
Previous Weekly High	57.08
Previous Weekly Low	53.22
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	56.08
Daily Fibonacci 61.8%	55.77
Daily Pivot Point S1	55.2
Daily Pivot Point S2	54.56
Daily Pivot Point S3	53.87
Daily Pivot Point R1	56.53
Daily Pivot Point R2	57.22
Daily Pivot Point R3	57.86

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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