Oil is still stuck around its EMAs, unable to close above them, which would have announced a rally to the top of the Pennant. Instead, it is still showing big signs of rejection, as cutting through 44.85, will send Oil south towards 40.26, with 42.71 as a primary objective.
Only by crossing over its EMAs will send Oil towards the blue Trend line, which means to around 46.65. Breaching 46.65 will induce the breakout of the Pennant, with 51.54 as an objective.
Volumes remain low, only higher volumes will lead to the end of the long consolidation phase, Oil has been going through since September.
Crude's daily Pivot Point is around 44.66. The daily support levels are around 44.14 and 43.19. The daily resistance levels are around 45.61 and 46.13.
Only by crossing over its EMAs will send Oil towards the blue Trend line, which means to around 46.65. Breaching 46.65 will induce the breakout of the Pennant, with 51.54 as an objective.
Volumes remain low, only higher volumes will lead to the end of the long consolidation phase, Oil has been going through since September.
Crude's daily Pivot Point is around 44.66. The daily support levels are around 44.14 and 43.19. The daily resistance levels are around 45.61 and 46.13.
