Crude oil price shows stability above the important support level 51.76, and we still waiting to surpass 52.90 then 53.47 barriers to confirm the continuation of the main bullish trend, as the next target is located at 56.24, while RSI heads to the upside to support the expected rise.
On the other hand, breaking 51.76 level will put the price under the correctional bearish pressure that will push trading to 50.37 and could extend to 48.98 before turning back to rise.
Support & Resistance:
Support 51.76 51.00 50.37
Resistance 52.90 53.47 54.00
Recommendation Crude oil is positive above 52.90, 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 52.90
On the other hand, breaking 51.76 level will put the price under the correctional bearish pressure that will push trading to 50.37 and could extend to 48.98 before turning back to rise.
Support & Resistance:
Support 51.76 51.00 50.37
Resistance 52.90 53.47 54.00
Recommendation Crude oil is positive above 52.90, 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 52.90
