WTI Oil Outlook: WTI Hits New 2019 High, Supported by Supply Concerns

Technical analysis of Forex market

WTI oil price advances further on Monday and on track to mark eventual break above two-week congestion, after last Friday’s spike to $60.71 proved to be false break. Tighter oil market on OPEC+ production cut and sanctions on Iran and Venezuela continues to prop oil prices. Report on reduced number of US oil rigs, released on Friday, added to positive sentiment. Fresh advance posted new 2019 high at $60.90, coming closer to target at $61.55 (200SMA). Today’s close above former high at $60.37 (two-week congestion top) would confirm fresh bulls and signal continuation of larger uptrend from $42.36 (2018 low). Daily indicators in bullish setup support scenario. Rising 10SMA (currently at $59.70) continues to track the advance and mark pivotal support which needs to hold and keep bulls firmly in play.

Res: 61.00; 61.55; 63.00; 63.69
Sup: 60.37; 60.00; 59.70; 59.38

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