FxWirePro: US oil extends consolidation phase, retrace above 200-DMA negates bearish bias

US oil chart on Trading View used for analysis

• US oil is extending consolidation below 200-DMA, bias remains bearish.
   
• WTI price holds above $67 per barrel and we see further gains on retrace above 200-DMA.
   
• Markets remain wary about the recovery amid global economic growth concerns, ongoing US-China trade war and the European political woes. 
   
• Technical indicators on intraday charts are neutral, but break above 200-DMA could see some bullishness.
   
• 5-DMA has turned north and retrace above 200-DMA eyes 110-EMA at 69 ahead of 55-EMA at 69.87.
   
• Rejection at 200-DMA could see continuation on downside. Next major bear target lies at 38.2% Fib at 64.94.
   
• Focus on the US core PCE data and weekly US fuel stocks report for the next direction in the prices.

Support levels - 66.93 (5-DMA), 66, 64.94 (38.2% Fib)

Resistance levels - 67.50 (200-DMA), 69 (110-EMA), 69.87 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.