Oil Price Analysis: WTI dips and bounces back near $37.00 per barrel

 

 

WTI is trading just above the 36.00 figure while above the main SMAs on the four-hour chart as the market bias remains tilted to the upside. A potential extension of the move up can lead to a retest of the 38.40 and 40.20 levels in the medium-term. On the flip side, a clear break below the 36.00 support could lead to a deeper retracement down towards the 34.20 level initially.