WTI oil price hit two-week high at $45.22 on Thursday, after extension of Wednesday’s strong rally cracked important barrier at $45.04 zone (Fibo 61.8% of $46.69/$42.04/falling 20SMA/19 June high). Oil price extends recovery rally from $42.04 low into a sixth day, after unexpected build in US crude inventories was offset by bigger than expected fall in gasoline inventories and report of the biggest weekly decline in domestic oil production since July 2016. Positive sentiment that has been established may drive the price higher on sustained break of $45.00 pivot. Fresh bullish extension would look for $45.59/84 (Fibo 76.4% of $46.69/$42.04/Fibo 38.2% of $51.98/$42.04) and may extend towards key short-term barrier at $46.69 (12 June lower top). Corrective dips should find support at $44.30 (4-hr cloud top), while stronger pullback is expected to hold above 10SMA (currently at $43.77) to keep near-term bullish structure intact).
Res: 45.22, 45.59, 45.84, 46.46
Sup: 44.74, 44.30, 44.00, 43.77
