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WTI OIL Outlook: Oil Price On Track For Strong Bullish Weekly Close Following Rally On Unexpected Fall In US Crude Stocks

WTI oil maintains firm tone and consolidating under new one-month high at $56.49, posted on Thursday after three-day rally, which resulted in 4.7% rise. Oil prices were boosted by surprise decline in US oil inventories, as well as optimism about OPEC+ action in supporting oil prices by reducing output. WTI contract is on track for strong bullish weekly close (up around 4.5% for the week) which also supports positive outlook.

Repeated close above $55.57/77 pivots (Fibo 38.2% of $63.12/$50.91/100DMA) generated fresh bullish signal for further advance.

Overall near-term sentiment remains positive, with daily studies maintaining strong bullish momentum and supporting scenario. Friday’s close above 100DMA would confirm positive stance and keep the way towards next targets at $56.80 (daily cloud base) and $57.23 (200DMA) open. Broken pivots at $55.77/57 and converging 55/30/5 DMA’s at $55.34/18 zone, mark solid supports which are expected to hold and maintain bullish bias.

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Res: 56.49, 56.80, 57.02, 57.23
Sup: 55.77, 55.57, 55.18, 54.36

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