WTI technical analysis: Supported by the 21 4-hour moving average on knee-jerk spike's pull-back

• WTI spike runs out of fuel, pulls-back to the 21 4-hour moving average.
• A break to the downside will open prospects for the 61.8% Fibo and Aug resistance just below the 57 handle. 

The price of Oil on Monday in Asi opened with a spike to the upside followed by a pullback to leave the black gold holding in bullish territory and 0.60% at the time of writing, supported by the 21 4-hour moving average testings a prior trendline resistance. On a re-escalation of bullish fundamentals, the April highs at 66.58 will be a key target.

Meanwhile, Oil rallied to a 127.20% Fibonacci extension of the July swing highs to the August swing lows at the start of last week but dropped back significantly to hold in the 58 handle. While the bias leans bullish above the bullish daily moving averages, but a break to the downside will open prospects for the 61.8% Fibo and Aug resistance just below the 57 handle. 

WTI 4-HR chart