WTI OIL – bulls eye $60 target but consolidation may precede rally

WTI maintains firm tone and posted fresh high at $58.68 on Friday, hitting the highest level since June 2015.
Oil price remains supported by further draws in crude oil inventories and growing signs of global oil market rebalancing.
Eyes turned towards next week’s OPEC meeting in Vienna, with strong expectations that the cartel will agree to extend current output agreement beyond March 2018 when it expires.
Bull-leg from $54.80 trough eyes its Fibo projections at $59.08 (138.2%) and $59.82 (161.8%) ahead of psychological $60.00 barrier.
Meanwhile, bulls could take a breather as overbought daily studies signal consolidation.
Former top at $57.90 marks solid support, with extended downticks to be contained by rising 10SMA ($56.76) to keep bulls intact.

Res: 58.68; 59.08; 59.82; 60.00
Sup: 58.34; 57.90; 57.23; 56.76