WTI Oil is moving in range on Daily chart, the price has grown today and reached the sideways movement resistance just above $54. Is very important how the price will react right now, we’ll have a breakout or a pullback? If the price will break this resistance and will consolidate above, then the price is expected to grow further. If the resistance will hold then the price will decrease to test the support around 48.51, the price has tested this support last week but wasn’t able to close below this support area.
The resistance can be found somewhere around $60, we have there the 23.6% retracement level or higher at the median line (ML) of an descending pitchfok (Weekly chart). The major support zone is between 43,91 and 44,10.