Oil trades near SMA20, which is a very sensitive level around 32.20 and Fibonacci of 23.6% at 33.050.
Those levels are decisive today following yesterday’s long wick candle, and we still believe that oil will attempt to breach 33.05 towards 34.20.
A break above 35.05 –SMA50- will ease the path for further upside actions as far as 31.85 holds and preferably as far as 32.20 holds.
Support: 32.20 – 31.85 – 31.00
Resistance: 33.05 – 34.20 – 35.05
Direction: Bullish