Oil price rose again to trade above 127.2% Fibonacci level located at 57.35 – 57.20. Trading above the aforesaid level will cause more bullishness toward 60.00, while breaching 60.00 level will accelerate the bullishness toward 61.45 Fibonacci 161.8% golden ratio.
Only breaching down 55.70 can cancel our bullish expectations, however, we prefer trading above 56.70 to keep a higher probability for bullishness.