WTI oil holds positive tone on Friday but upside attempts remain limited following Thursday’s strong upside rejection after brief probe above $43.00 barrier.
Negative technicals and sentiment maintain strong bearish pressure for retest of temporary footstep at $42.04 (21 June low) and extension of bear-leg from $51.98 (25 May high) towards next target at $40.63 (weekly cloud base / 50% retracement of $26.04/$55.22 recovery).
On the other side, strong bullish signal is coming from daily RSI slow stochastic reversal from oversold territory, which may spark fresh recovery rally towards upper pivots at $43.82/$44.13 (Fibo 38.2% of $46.69/$42.04 / falling 10SMA).
Res: 43.14, 43.30, 43.82, 44.13
Sup: 42.67, 42.26, 42.04, 41.09
