Technicals - oil - further upside potential in Brent and WTI prices
The WTI oil price closed above key resistance located at US$51.89 last night, which flags the potential for a further upward move, and was the requirement to generate a technical buy signal. Major subsequent resistance / the upside technical price target is located at US$56.50. This follows on from the technical buy signal generated by Brent on 2/12/16, with the upside target located at US$60.00. These upside targets are the minimum expectation for a rally.
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Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.