WTI Crude Oil: Buyers maintain their grip

After a considerable struggle, buyers have maintained their grip on the market. The counter trend phase of the past few months is coming to an end. A new higher base has been set at the important 38.2% retracement and currently prices are rallying above the internal trend line at 62.55. Expect a renewed push towards 66.65 (pivots early 2018) and the new price projection at 68.25 and the weekly level at 79.05.

Current trend: positive
Outlook/expectations: uptrend continues, positive
Strategy: hold longs
Support: 60.45 / 58.50 / 57.10 / 53.50-
Resistance: 62.54 / 66.65 / 68.25* / 79.05*
Outlook neutralized: below 60.45
Daily chart WTI Crude Oil (NYMEX)