Oil is facing some pressure at the start of the week and tries to settle below $46.00. However, support for oil remains strong, and it needs to settle below the nearest support level at $45.80 to develop downside momentum.
On the upside, a move above $46.25 will push oil towards the recent highs at $46.65. A successful test of this level will open the way to the $47 level.
At this point, the big picture remains bullish for oil, and it should be noted that the recent attempt to gain downside momentum was quickly stopped at $45.40.
On the upside, a move above $46.25 will push oil towards the recent highs at $46.65. A successful test of this level will open the way to the $47 level.
At this point, the big picture remains bullish for oil, and it should be noted that the recent attempt to gain downside momentum was quickly stopped at $45.40.
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