WTI Oil is consolidating but the outlook remain bullish, the price is trading just above the 61.8% retracement level and I’m expecting to see the price even higher. The price has failed to touch the median line of the ascending pitchfork and now can move sideways to reach the lower median line. If the price will stay above 23.6% the the correction will continue, the price is expected to reach the 65 – 67 area in the next few weeks. The Canadian dollar continue to appreciate against the US dollar, so this is a bullish signal for the OIL price. The MACD indicator shows us a bearish divergence on Daily chart but the price can grow further despite this bearish signal.


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