WTI Oil Update – 03/07/2017 (11:25am) – WTI Crude oil.. As the near term retracement from the prior week’s low extends, the focus is back on key initial resistance levels for signs of a deeper short term recovery phase. With prices pushing above the key 45.20/85 resistance zone which includes the 38.2% retracement, a short term low appears to be in place. In turn, the 46.70/47.00 area will be the next important hurdle. Again, this follows the effective test and hold of the important 42 support area and near the Nov/Sept lows and where some pause/retracement is due. A failure to hold here would imply a closer test of the 39 zone.