After a very bullish breakout, and a fast rally, the correction at the same pace erasing most of Oil's last week's rally. The strength of the movement broke its bollinger band, which was a warning, as the commodity had to re-enter the bands. It also was very interesting for profit taking.
Oil will, normally, continue the correction to 46.29, with 46.69 as a primary objective, around its EMA20, where Oil will find support.
Breaking out 47.84, which breaking out will send it to 48.42.
The daily Pivot Point is around 48.2. The daily support levels are around 46.27 and 45.11. The daily resistance levels are around 49.36 and 51.29.