Oil did not manage to settle above the resistance at $47.70 and pulled back. The nearest support level for oil is located at $46.65, and a move below this level will push oil towards the next support at $46.25.
On the upside, the situation has not changed compared to the previous trading session as oil needs to settle above $47.70 to continue its upside move and get to the test of the resistance at $48.00. A move above $48.00 will likely allow oil to develop additional upside momentum and get closer to the next resistance at $48.65.
From a big picture point of view, oil continues to move higher in an upside channel. RSI returned to the moderate territory so oil will have a good chance to gain more upside momentum when additional positive catalysts emerge.
On the upside, the situation has not changed compared to the previous trading session as oil needs to settle above $47.70 to continue its upside move and get to the test of the resistance at $48.00. A move above $48.00 will likely allow oil to develop additional upside momentum and get closer to the next resistance at $48.65.
From a big picture point of view, oil continues to move higher in an upside channel. RSI returned to the moderate territory so oil will have a good chance to gain more upside momentum when additional positive catalysts emerge.
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