WTI crude oil’s break of 55.85 resistance last week confirmed resumption of whole rebound from 42.05. Further rise is now expected as long as 54.58 support holds. Nevertheless, for now, we’re viewing rebound from 42.05 as a corrective move. Hence, strong resistance will likely be seen around 61.8% projection of 42.05 to 55.85 from 51.49 at 60.01 to limit upside.
This level is actually close to 50% retracement of 77.06 to 42.05 at 59.55. 55 week EMA (now at 59.48) is also in proximity.
