Crude oil prices have extended the bounce from the USD42.55 low of September, with prices now pressuring congestion around USD50.00.
A short-term pullback is highlighted, as overbought daily studies unwind, but improving weekly and monthly readings suggest a later break, with subsequent investor sentiment to turn outright bullish as the broad rally from February gains fresh momentum.
Next resistance will then be at the USD53.25 retracement.
A close below the USD48.75 break level from August would delay anticipated gains and open up deeper reactions toward congestion around USD46.00. Any deeper losses should stabilize above USD42.55, as investors adopt a buy-into-weakness strategy.