Crude oil price showed good rise recently to move above the support line that appears on the chart below, starting to test the important resistance at 53.47, as the price needs to surpass this barrier to confirm the continuation of the bullish trend that its next target located at 56.24.
RSI heads to get positive support that supports continuing the expected bullish trend, noting that breaking 52.90 will push the price to test the important support areas at 51.76 again.
Support & Resistance:
Support 52.95 51.76 51.00
Resistance 53.47 54.00 55.00
Recommendation Crude oil is positive above 52.95, targets at 53.47 then 54.00, risk limit below 51.76
Reverse scenario Crude oil will be negative below 51.76, targets at 51.00 then 50.37, risk limit above 52.95
RSI heads to get positive support that supports continuing the expected bullish trend, noting that breaking 52.90 will push the price to test the important support areas at 51.76 again.
Support & Resistance:
Support 52.95 51.76 51.00
Resistance 53.47 54.00 55.00
Recommendation Crude oil is positive above 52.95, targets at 53.47 then 54.00, risk limit below 51.76
Reverse scenario Crude oil will be negative below 51.76, targets at 51.00 then 50.37, risk limit above 52.95
