CM: WTI continues to trade negatively below $86.00/bbl
FXstreet.com (Barcelona) - According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "Crude oil's upside broke above the initial consolidative range (84.05/85.70), subsequently retracing over 50% of 89.20/84.05 descent on last Friday's spike towards the 86.75 level. With easing from 86.75 being contained by previous the barrier at 85.70 and hourly studies still holding positive tone, fresh corrective rallies cannot be ruled out."
As such, "a break above initial barriers at 86.00 and 86.25, will open the way towards 86.75 onto 87.00. Key near-term barriers lie at 88.30 (trendline resistance) and 89.20 (06 November high). Conversely, a retest of these levels would improve the near-term tone and avert immediate downside risk." Drvenica adds.
At the time of writing, WTI crude has settled at USD $85.85 Friday, falling by -0.26% on the day.
