WTI Oil Outlook: Weekly Close Above Key Fibo Barrier Is Needed To Signal Bullish Continuation

Technical analysis of Forex market

Oil price steadies on Friday as hurricane shut most of the US oil production in the Gulf of Mexico, but gains were limited as storm passed through the area without causing substantial damage to refineries. Near-term sentiment remains overall positive, as the action is slowly but steadily higher, with recent US-China trade news and Fed’s new approach to monetary policy, boosting risk mode. Also, recent dips were contained by rising 20DMA, bulls made break above important Fibo barrier at $43.05 (61.8% of $65.63/6.52) and daily MA’s formed multiple golden crosses (10/200, 20/200, 30/200) that underpins the action. Weekly close above $43.05 Fibo levels would add to bullish continuation signals and expose next target at $45.53 (falling 55WMA).

Res: 43.15, 43.69, 43.75, 44.00
Sup: 42.73, 42.36, 41.94, 41.64

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