US CRUDE OIL
US oil remains in strong uptrend and extends rally into fifth consecutive bullish day. Tuesday’s close above Fibo 76.4% barrier at $53.13generated fresh bullish signal, as yesterday’s long-tailed daily candle underpins fresh extension higher.
Rising geopolitical tensions keep oil price supported, along with weaker dollar. Fresh bullish extension on Wednesday is approaching target at $53.78 (07 Mar high) ahead of psychological $54.00 barrier and $54.41 (01 Mar high).
Firmly bullish daily studies that formed double bull-cross of 10/100 and 10/55 SMA’s underpin the action and so far ignore strongly overbought daily slow stochastic, which continues to head north.
Session low at $53.33 and broken Fibo 76.4% barrier at $53.13 mark initial supports, ahead of yesterday’s low and strong downside rejection at $52.68.
Res: 53.78, 54.00, 54.41, 55.01
Sup: 53.33, 53.13, 52.68, 52.30
