WTI technical analysis: Capped by 20-HR MA and cluster of daily MAs

• WTI struggles at a series of moving averages and resistance.
• 54.60 comes as a 61.8% Fibo downside target while 60 handle holds upside target.

Technically, the price of oil has been capped by the accumulation of the 20 and 200-day moving average as well as the 20-hour moving avarage in recent trade. On the downside, a break of support located on the rising support line of the channel at 55.80, opens 54.60, (61.8% Fibo.).

Should the northerly trajectory play out again, bulls can look for a test through 57.40 and the accumulation of daily 20, 50 and 200 moving averages ahead of the 20-week moving average. The 60 handle and double top in the 60.80s will be secondary objectives.