WTI oil price rose to nine-week high on Tuesday, in extension of strong Monday’s strong rally (up almost 2.5% for the day).
Increased demand due to summer driving season and persisting supply fears on heated geopolitical situation inflate oil price, which rose above $84 per barrel for the first time since late April.
Bullish technical studies on daily chart (MA’s in bullish setup / strong / positive momentum / price broke above daily cloud) contribute to positive outlook.
Bulls cracked $84.00 round-figure barrier but need to register a daily close above here to confirm signal for 85+ extension.
Meanwhile, bulls may pause for consolidation, with dips to find ground above daily cloud top ($81.87, reverted to solid support) to keep bulls intact and offer better buying opportunities.
Res: 84.03; 83.43; 85.00; 85.59.
Sup: 83.32; 82.27; 81.87; 81.60.
