WTI oil rises above $60 for the first time since Dec 2019


WTI oil broke above psychological $ 60 barrier on Monday, hitting levels last traded in December 2019.
Recent tightening supplies by OPEC group and its allies, boosted expectations of full revival of global oil demand and rebalancing world oil market, while US President Biden’s efforts to push through his first major legislative in approving $1.9 trillion coronavirus relief package, added to positive sentiment among oil traders.
The price has fully recovered from the crash during Covid-19 pandemic crisis and returned to pre-pandemic levels.
Fresh bulls cracked important Fibo barrier at $60.28 (76.4% of $76.88/$6.52 fall), with close above here to generate additional positive signal.
Falling 100MMA ($62.24) marks next strong obstacle, break of which would expose 2019 peak at $66.58.
Overbought daily studies, with stochastic making strong bearish divergence, signal that bulls may take a breather and position for further advance.
Rising 10DMA offers solid support at $57.70, followed by 20DMA ($55.18) which is expected to contain potential deeper pullback and keep larger bulls in play.

Res: 60.92; 61.50; 62.24; 63.61
Sup: 59.88; 58.91; 57.70; 57.38