Oil seems ready to move higher again.

29/03/2021

The WTI benchmark has been consolidating recently, although volatility has been really high. On Monday, it was trading 1% higher at around 61.30 USD.

The resistance of the consolidation zone near 61.80 USD is already being tested. If bulls push oil above that level, we might see another leg higher, targeting 63.80 USD in the initial reaction. 

Supports could be located near 60 USD and afterward at around the current swing lows at 57.50 USD. 

As long as central banks will continue printing money at the current pace, oil should be bid, and therefore we expect new cycle highs soon. 
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