Oil gained strong upside momentum and almost managed to get to the test of the resistance level at $53.30. If oil gets above this level, it will head towards the next resistance at $53.80. A successful test of this level will open the way to the test of the resistance at $54.40.
It should be noted that RSI is in the overbought territory so the risks of a pullback are increasing day by day. The nearest support level for oil is located at $52.70. If oil declines below this level, it will move towards the next support at the $52 level. A move below $52 will push oil towards the support at $51.50.
It should be noted that RSI is in the overbought territory so the risks of a pullback are increasing day by day. The nearest support level for oil is located at $52.70. If oil declines below this level, it will move towards the next support at the $52 level. A move below $52 will push oil towards the support at $51.50.
