Oil: WTI Technical Outlook

 Oil: WTI Technical Outlook

If WTI is to gain strong upward momentum in the week ahead, it needs to move towards the 100-day SMA, or Simple Moving Average, of $73.90 that coincides with the weekly Middle Bollinger Band of the same value,

“Sustainability above this zone will eventually extend the upward move towards the next leg higher, at the 200-day SMA, or Simple Moving Average, of $77.50 and the 50-week EMA, or Exponential Moving Average, of $78.80,

On the flip side, a renewed attack on the 200-week SMA of $67.50 could extend WTI’s downside to $63.70, accelerating its correction into the major support territory held up by the 100-month SMA of $59.65.