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Oil Inclines After Failing To Stabilize

Published 07/15/2015, 07:17 AM
Updated 07/09/2023, 06:31 AM

Oil inclined yesterday after failing to stabilize below 50.50 and 50.00, but the incline is still trapped below 50% Fibonacci and below 53.80.

Oil 4 Hour Chart

A break above 53.80 is required to affirm the bullishness, as ADX doesn’t confirm the positivity and RSI is in same mode.

To recap, we are on the sidelines, but a break above 53.80 will be a positive catalyst.

Support: 52.40-51.35-50.50

Resistance: 53.35-53.80-54.50

Direction: Bullish above 53.80 and neutral if prices fails to hit this level.

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