After rising as we expected earlier, the price of crude oil settled on very sensitive levels, located near the previously broken uptrend line.
The breach of 50.00 and stability above it is required to prove the positivity, and this could be available as long as trading stabilized above the price of 48.30 – 48.00. However, at the same time, the weakness that began to appear on the ADX and RSI indicator makes us prefer to wait for confirmation of the trend through penetration the 50.00 level and stabilizing above it.
Breaking below the mentioned level 48.00 and stability below it will return bearishness on focus. Therefore, we will be neutral between those levels, and we will update this report if we get a better signals to confirm the trend.
- Support :49.00–48.30–47.55
- Resistance : 50.00–50.60–51.45
Direction: Bullish above 50.00, bearish below 48.00, while neutral between it.