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WTI Oil Outlook: Improved Sentiment Keeps Oil at the Front Foot, But Directionless Mode Likely to Extend

WTI oil price is a tad lower on Friday, holding within narrow range under one-week high at $53.24, posted after 3.1% rally on Thursday. Oil was boosted by optimistic forecasts from International Energy Agency for supply deficit expected in Q2 2019, against its previous report which showed expectations of surplus for the whole 2019. Fresh positive sentiment pushed the price from dangerous zone, as pullback after recovery stall approached psychological $50 support, however, near-term price action remains within $50/$54.54 congestion and suggesting that extended consolidation could be expected, as oil is on track to leave the third straight weekly Doji candle. Positive signals come from Thursday’s break and close above converging 10 SMA $52.16) and 20SMA ($52.35), with today’s action remaining above and may generate fresh bullish signal on repeated close above MA’s and potential formation of 10/20SMA bull-cross. Weaker momentum on daily chart and mixed signals from other indicators, support scenario for extended sideways mode.

Res: 53.24; 54.54; 55.34; 55.89
Sup: 52.16; 50.60; 50.00; 49.40

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