WTI OIL – bulls eye Fibo targets at $60.97 and $61.62
WTI oil remains steady on Wednesday following strong rally in past three days which peaked at $60.72 on Tuesday.
Oil prices were boosted by recent situation in Iran and remain well supported by global efforts to tighten oil market by cutting production.
Oil is riding on extended third wave of five-wave cycle from $55.81 (07 Dec trough), pressuring cracked FE 161.8% barrier at $60.56, for extension towards targets at $60.97 and $61.62 (FE 176.4% and FE 200% respectively).
Bulls were so far ignoring negative signs from overbought daily studies however, corrective action could be anticipated in the near-term.
Rising 10SMA ($59.24) and previous top of 24 Nov ($59.02) are expected to ideally contain and keep bulls intact.
Res: 60.56; 60.97; 61.62; 62.71
Sup: 60.28; 60.00; 59.24; 59.02