Oil is trying to settle below the support at $47.30. If this attempt is successful, oil will head towards the next support at the 20 EMA at $46.20. Recent trading sessions have indicated that there are no important levels between $46.20 and $47.30 so this move may be fast.
On the upside, oil has once again faced resistance near $48.00. If oil manages to settle above this level, it will gain additional upside momentum and head towards the next resistance at $48.65. A move above this level will push oil towards the resistance at the recent highs at $49.40.
On the upside, oil has once again faced resistance near $48.00. If oil manages to settle above this level, it will gain additional upside momentum and head towards the next resistance at $48.65. A move above this level will push oil towards the resistance at the recent highs at $49.40.
