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Oil Fails To Break Through 48.30

Published 06/29/2016, 03:53 AM
Updated 07/09/2023, 06:31 AM

Oil price has not been able to achieve a breakthrough 48.30 during the Asian session, and dropped slightly with the beginning of the European session.

Crude Oil Daily Chart

Trading below 48.30 will keep the negative possibilities, but with a note that we will be need to see price breach down 46.85 presented by SMA 50 to prove the negativity. From the upside, breakthrough 48.30 – 48.50 level will be a reason to give price the needed bullish momentum to rise toward the psychological barrier 50.00 once again.

  • Support :47.75–46.85–45.60
  • Resistance : 48.30–49.00–49.65

Direction: Bearish below 48.30, targeting 46.00 and 45.60 as long as trading below 50.00

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