WTI futures came close to breaking the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50, around 55.64, reaching a fresh two-month high on Friday. The price remains in a bullish correction mode as it jumped above the 20- and 40-simple moving averages (SMAs), which posted a positive crossover in the preceding sessions in the daily timeframe. According to the technical indicators the market could maintain positive momentum in the short-term as the MACD indicator has surpassed the trigger line and holds in the positive zone, while the RSI is positively sloped ... (full story)