Oil managed to get above the resistance level at $45.80 and is trying to settle above the next resistance at the previous highs at $46.25. It has already managed to get above this level but faced strong resistance at $46.65 and pulled back.
If oil settles above $46.25, it will get to another test of the resistance at $46.65. A move above this level will push oil towards the $47 level.
On the support side, the previous resistance at $45.80 will likely serve as the first support level for oil. If oil declines below this level, it will move towards the next support at $44.75.
From a big picture point of view, the current setup looks rather bullish, and oil has a good chance to develop additional upside momentum.
If oil settles above $46.25, it will get to another test of the resistance at $46.65. A move above this level will push oil towards the $47 level.
On the support side, the previous resistance at $45.80 will likely serve as the first support level for oil. If oil declines below this level, it will move towards the next support at $44.75.
From a big picture point of view, the current setup looks rather bullish, and oil has a good chance to develop additional upside momentum.
