During the last two session, Oil gave the impression that it is willing to end the long compressed consolidation period it has been going through, for more than a week. Last Friday, Oil tried to breach the 44.4 support level, only to fail and close in the green. Volatility is decreasing, so are volumes, the bands of bollinger are tigntening up.
The main challenge remains that Oil would breakout of the consolidation and settles a sustainable trend. Re-visiting 47.10, today, and crossing this level would be promising for a bullish market, to be launched, with 51.54 as an objective, and 50.14 as a primary objective. It is currently on the verge of breaking out the consolidation zone, which is highlighted on the chart.
Cutting through 44.4 will send Oil south towards 43.68, which breaching will send the Oil back to 42.59.
Crude's daily Pivot Point is around 45.10. The daily support levels are around 44.40 and 43.26. The daily resistance levels are around 46.35 and 47.96.
The main challenge remains that Oil would breakout of the consolidation and settles a sustainable trend. Re-visiting 47.10, today, and crossing this level would be promising for a bullish market, to be launched, with 51.54 as an objective, and 50.14 as a primary objective. It is currently on the verge of breaking out the consolidation zone, which is highlighted on the chart.
Cutting through 44.4 will send Oil south towards 43.68, which breaching will send the Oil back to 42.59.
Crude's daily Pivot Point is around 45.10. The daily support levels are around 44.40 and 43.26. The daily resistance levels are around 46.35 and 47.96.
