After a long streak of falling prices, Oil
surged last week as it has gained support around its 42.55 support level
, which sent it back to 46.29. In the course of its bearish
broke out two major support zones: the one around 46.29, and the 45.3-44.4 range. The astonishing rebound around 42.55 is that, in one day, it managed to breakout both of those zones, while on its way up... Nonetheless, today's opening below the 46.29 level can be considered as a bad omen, as Oil
opened in a bearish
gap. It remains that the opening was above its EMAs, where it would find some support.
Breaking out its EMAs will send it south towards 44.4, with 45.3 as a primary objective.
Closing the bearish
gap, and breaking out 47.23, will send it to 50.14, with 48.02 as a primary objective.
The daily Pivot Point
is around 46.36. The daily support levels are around 45.7 and 44.81. The daily resistance levels are around 47.25 and 47.91.