After rising took place yesterday, we find that the price of Crude Oil trading at the start of the European session this day close to the previously broken support and the rising channel, which has now become resistance around 50.65.
Breaching up 50.65 level will be needed to confirm the extension of the upside move towards the top achieved recently at 51.65, while penetrating the last mentioned level will be a reason for the extension of the upside wave. Therefore, we will be positive today as long as trading stabilized above 50.00, but the breakthrough 50.65 will be necessary to prove this expectation. Breaking price of 48.30 will make us concern.
- Support :50.00–49.60–49.00
- Resistance : 50.65–51.45–52.20
Direction: Bullish above 50.65, targeting 51.45 and 52.20 as long as trading above 49.00