Bears face strong headwinds from 200SMA support

WTI oil consolidates after strong fall on Thursday (3.2%) as bears stalled on approach to 200SMA ($60.71) and subsequent bounce resulted in close above cracked Fibo support at $61.40 (61.8% of $58.20/$66.58 upleg).
Oil price came under strong pressure from surging US oil output, but negative impact was partially offset by unrests in Venezuela and sanctions on Iran.
Current pullback is corrective action of larger uptrend but bears are running out of steam on profit-taking and extended studies.
Daily momentum shows signs of bottoming in deep negative territory and stochastic / RSI turned sideways, supporting scenario of consolidation.
WTI contract is on track for the second straight bearish weekly close that weighs on near-term action and suggests that pullback from new 2019 high at $66.58 may extend after consolidation.
Converged 5/30SMA’s mark initial resistance at $62.78, where upticks should be ideally capped to prevent retest of upper pivot at $63.94 (converged 10/20SMA’s) break of which would signal an end of corrective phase.
Negative scenario sees risk of extension towards $58.32 (top of rising daily cloud) on sustained break of 200SMA.

Res: 61.89; 62.27; 62.78; 63.38
Sup: 61.29; 60.94; 60.71; 60.00