WTI oil price rose further on Wednesday, extending advance into fourth straight day, following strong acceleration on Tuesday, which resulted in a daily gain of 2.1% and close above important barriers at $79.83/$80.00 (200DMA / psychological).
Bulls cracked next pivot at $80.52 (Fibo 38.2% of $87.61/$76.13), with close above this level to validate bullish signal and open way for further retracement of $87.61/$76.13) and expose next key levels at $81.56/87 (daily Ichimoku cloud base / 50% retracement).
Daily studies are predominantly bullish, though overbought conditions may produce headwinds and keep the price on hold for consolidation, with shallow downticks to provide better levels to re-enter bullish market.
Near-term sentiment is expected to remain positive on expectations that the OPEC+ group will keep its 2.2 million bpd voluntary production cut at a meeting on Sunday and positive demand outlook ahead of summer driving season.
Res: 80.70; 81.56; 81.87; 82.39.
Sup: 80.00; 79.83; 79.11; 78.84.
