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.
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