WTI OIL extends advance, pressures $63.36 Fibo barrier
WTI oil price rose further on Friday, maintaining strong bullish sentiment after upbeat supply data and hit new 2 ½ week high at $63.31.
Fresh bullish acceleration was boosted by news that oilfield in Libya was shut due to unrest, which offsets concerns about rising US production and keep bullish bias.
Bulls now pressure strong barrier at $63.36 (Fibo 61.8% of $66.64/$58.06 descend), break of which would generate another strong bullish signal for extension of recovery leg from $58.10 base towards $64.16/27 (06/07 Feb double upside rejection) and 64.62 (Fibo 76.4%).
Oil is also on track for the second strong bullish weekly close which adds to bullish outlook.
Broken 20SMA which holds today’s action marks solid support at $62.34.
Res: 63.36; 64.27; 64.62; 65.00
Sup: 63.08; 62.57; 62.34; 61.90
