Oil (WTI): looking for clues around 56.92
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WTI Oil has been following a bearish sequence from November 24th highs and it’s looking to consolidate the price action around the 200 SMA at H1 chart, which should provide dynamic support across the board. If WTI finds demand around that area, it’s likely to see a rally towards the -23.6% at 60.63. To the downside, if it breaks below 78.6% at 55.71, then we might expect a lower continuation to test November 14th lows at 54.81.
RSI indicator remains in the positive territory, favoring to the upside scenario.
