Is US Oil’s Momentum Dwindling?

Despite falling import volume in Asia, WTI Crude Oil prices have continued to rise. The commodity appears poised to make a throwback to its support at $66.31. The current move following its ranging breakout indicates that the price of crude oil has reached its target. The support lies at the 50% Fibonacci retracement.

  • Should the price break below the key support level, crude oil may trade bearish and may continue to range as done previously.
  • Should the price throwback and continue its uptrend, the next target can be found at $74.00.