WTI Crude Oil - Rally Extension/Fibonnaci

Apr 22, 2019

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WTI Crude Oil - Rally Extension/Fibonnaci by KQMarkets on TradingView.com

Commentary

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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