Crude Oil: Will it take a breath or continue its rally?
Oil flirted yesterday with 50.07 around the breakout's primary objective, which breaching will send it to 51.54. Although, the bollinger bands are still widening, Oil is breaking them up, with today's opening above the bollinger bands. It reflects how strong the bullish market is. Only a retreat below 47.84 will reject the bullish movement, and send the commodity south to 46.29.
On a daily scale, breaking out 50.14 will send it to 50.6, as a part of its rally to 51.54. Failing to do so, will send Oil back to 48.93, which breaching will send it south to 48.2, with 48.64 as a primary objective.
The daily Pivot Point is around 49.08. The daily support levels are around 48.10 and 46.77. The daily resistance levels are around 50.41 and 51.39.
On a daily scale, breaking out 50.14 will send it to 50.6, as a part of its rally to 51.54. Failing to do so, will send Oil back to 48.93, which breaching will send it south to 48.2, with 48.64 as a primary objective.
The daily Pivot Point is around 49.08. The daily support levels are around 48.10 and 46.77. The daily resistance levels are around 50.41 and 51.39.
