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WTI Oil Outlook: Oil Price Holds Bearish Bias But Cracked Pivotal Supports Still Hold

WTI oil price remains in red on Tuesday despite Monday’s strong downside rejection at $57.33 and failure to close below cracked pivotal supports at $57.74 (10DMA) and $57.44 (Fibo 61.8% of $53.93/$63.12 jump). Weak economic data from Europe and Japan added to concerns about global oil demand and weakened sentiment, keeping near-term bias with bears. Close below $57.74/44 pivots is needed to confirm break of near-term congestion and generate initial signal of extension of slide from last week’s peak at $63.12 (four-month high). Daily momentum in steep descend supports scenario, but bears may again face headwinds as stochastic is breaking into oversold territory. Caution on repeated failure to clear supports at $57.74/44 that may result in prolonged sideways mode. Alternative scenario would require lift above recent congestion top at $59.43 and broken Fibo 38.2% at $59.61 to sideline bears and shift focus higher

Res: 58.52, 59.22, 59.43, 59.61
Sup: 57.74, 57.44, 56.86, 56.60

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