Oil technical analysis: WTI holds on to weekly gains near the 56.00 handle

 

 

The crude oil West Texas Intermediate (WTI) is recovering from the October lows trading near $56.00 a barrel and above the 50 and 100-day simple moving averages (DMAs). 

 

WTI is consolidating the recent bullish breakout while holding on above its main SMAs on the four-hour chart. Bulls seem to have taken the helm and next week 57.50 and 59.00 can become the new targets for buyers. 

 

WTI is trading above its main SMA, suggesting bullish momentum in the near term. Support can be seen at the 55.40 and 55.00 price levels.