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WTI Oil Outlook: Oil Price Cracks Pivotal Supports On Fresh Optimism Over Saudi Production Recovery

WTI oil price changed direction and fell below important supports at $57.66/44 (10DMA/Fibo 61.8% of $53.93/$63.12) on Monday, following the latest news that Saudi Arabia is restore production from oil facilities damaged in attack last week, as soon as next week. The WTI oil opened with gap higher on Monday and hit session high at $59.22, on concerns that recovery of oil facilities would take months, but the latest optimistic comments changed sentiment. Fresh weakness attempts to break out of three-day congestion that would signal a continuation of pullback from new four-month high at $63.12 (16 Sep peak). Close below $57.44 pivot is needed to confirm negative signal, but fresh bears would face strong headwinds from a cluster of daily MA’s at $56.89/21zone (converging 100/20/200/55/30 DMA’s). Only firm break here would confirm bearish stance and open way for further weakness. Daily momentum continues to rise and together with MA’s still in bullish setup, marks strong obstacle for bears. Failure to close below $57.44 Fibo support would risk extended directionless mode.

Res: 58.52, 59.22, 59.43, 59.61
Sup: 57.44, 56.89, 56.58, 56.32

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