-
WTI futures tick up after bouncing off 50-SMA
WTI oil futures (June delivery) have been in a constant uptrend since bottoming out at 69.97 in December, posting a fresh six-month peak of 86.90 on April 12. Despite experiencing a pullback from its highs, the price managed to find its feet at the 50-day simple moving average (SMA) and recoup some losses. Should the rebound resume, immediate resistance could be found at 84.69, which is the 61.8% Fibonacci retracement of the 95.02-67.97 downleg. Jumping above that zone, the price may challenge the recent six-month peak of 86.90. Even higher, the 78.6% Fibo of 89.23 could prevent further upside attempts. ... (full story)