WTI Update – 22/05/2017 (13:15pm) – by Arjun Lakhanpal
May 22, 2017WTI Update – 22/05/2017 (13:15pm): With OPEC meeting this week, these may factor into the run-in to Thursdays meeting.. The recovery phase continues to play out as the reversal from this month’s low maintains an impulsive bias. The sustained break back above the 47.00-50 area has led to a test of the 50/52 zone – 61.8/76.4% retracements which will now define a retest of the broad range highs. Near term pullbacks should find support at the 49.95/85 area, while the 48.50/25 zone which represents the late-week reaction lows and the 38.2% retracement of the rally from the May low should maintain the short term upside bias.
