WTI technical analysis: Bulls looking for a break above descending resistance

A larger than expected draw in crude oil inventory had no bearing on the price of oil today which has held onto the 56 handle despite yesterday's doji. There will be scope for a recovery to the 58 handle to meet trend line resistance should bulls extend beyond the downside resistance that stems from the 15th July wick high. This will place bulls back above the 50-Day moving average as well. On the downside, bears can target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.