Oil failed to settle above the resistance at $53.80 and gained strong downside momentum. Currently, oil is trying to settle below the support level at $52.00 The next support level is located at $51.50. If oil declines below this level, it will head towards the support at $50.90. A move below $50.90 will push oil towards the 20 EMA at $50.10.
On the upside, oil needs to get back above the $52 level to have a chance to develop upside momentum in the near term. The next resistance level is located at $52.70. If oil gets above this level, it will head towards the resistance at $53.30. A move above this level will push oil towards the resistance at $53.80.
On the upside, oil needs to get back above the $52 level to have a chance to develop upside momentum in the near term. The next resistance level is located at $52.70. If oil gets above this level, it will head towards the resistance at $53.30. A move above this level will push oil towards the resistance at $53.80.
