WTI Crude Oil (current price: $50.12)
Oil started yesterday with steep losses but recovered most of it in late trading, as the commodity completed another bullish reversal on Tuesday. The rising long-term trend that started in February is still intact, despite the 10% correction last week. WTI Crude closed the session just below the crucial $50 level after trading as low as $46.50 during the recent dip. Traders expect a relatively calm morning session ahead of the U.S. Crude Inventories release later on this afternoon.
Our assessment: Oil is likely to stay above the all-important $50 support/resistance line in the coming sessions as the underlying bullish momentum should propel the commodity higher.
