In two days in a row, WTI oil price rebounds as Brexit worries eases. Demand on crude oil rises as poundsterling rises against the USD.
Latest polls about the referendum which will determine UK’s membership in the European Union showed support to stay with the EU. It triggered rally on the global financial markets and lowered demand on safe-haven assets such as USD.

At the end of last weekend, WTI was closed around $47.89/barrel or closed higher around 3.83% in a day.

Technical Analysis:

Oil price currently is in upward trajectory, testing intraday key resistance at 49.87. If the price managed to break the resistance, rally may extend with 50.97 as target and 51.90 in extension.

Note that hourly CCI is overbought. We need to be careful of possible correction. In that case, watch for bullish signal confirmation on a pull-back move to within the Fibonacci support area at 48.32-47.36 with 48.91 as target and 49.87 in extension.

Be careful if the price breaks the support 47.36 because it will turn the intraday bias to bearish and possibly will push oil price down to 46.68-45.81.

.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.