WTI oil price holds around the mid-point of larger $67/$69.54 congestion on Friday, following Thursday’s rally and close above 10SMA ($68.11).
Daily MA’s are back to full bullish setup and 14-d momentum is heading north, supporting near-term bullish stance, which requires confirmation on weekly close above 10SMA.
Such configuration would keep focus at the upside for possible renewed attacks at recent recovery high at $69.54 (19 Apr) and psychological $70 barrier on break above near-term range.
On the other side, oil is on track for the third consecutive weekly Doji which signals strong indecision and warns of pullback as bulls were repeatedly rejected under $70 barrier in past three weeks.
Overbought slow stochastic and weakening momentum studies on weekly chart support the notion.
Sideways-moving 10SMA marks immediate support at $68.11, followed by rising 20SMA ($67.45) and key supports at $67.00 zone (range floor) and $66.58 (Fibo 38.2% of $61.80/$69.54 upleg).
Res: 68.58, 68.87, 69.32, 69.54
Sup: 68.11, 67.71, 67.45, 67.20
