WTI OIL: Consolidating With Upside Bias!

Forex-oil-986568

Despite WTI Oil is still consolidating within 49.75/50.85 range, the risk of returning above 50.85 levels still exists if seen it will aim the 52.20 levels with a break above here opening the way to the 54.00 levels.

Note: The assumed target at 50.83 levels has been reached last week, so a failure to take out the 50.83 may bring a corrective pullback …

On the downside, immediate support comes at the 49.75 levels, a cut through that level will bring a corrective pullback to the 48.54 levels where another rise is likely, however; below 48.54 sees a fall risk to the 47.45 levels, further down, support lies at the 45.80 levels.

Conclusion: The WTI Crude Oil continues to face upside threats above the 48.54/49.75 levels despite recent hesitation…

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Further Reading

MARKET DATA

UPCOMING ECONOMIC EVENTS