US Crude oil cracked psychological $50.00 barrier; further upside seen on strong bullish sentiment
|US CRUDE OIL
Oil price surged on OPEC deal on Wednesday (the biggest one-day gains since Feb) and broke above daily cloud.
Fresh extension on Thursday probed above psychological $50.00 barrier, as yesterday’s long bullish candle strongly supports the advance. Daily close above $50.00 is needed to confirm strong bullish stance for extension towards $51.00 and possible extension towards key barrier at $52.21 (19 Oct peak) on fresh bullish sentiment.
Look for corrective dips towards $48.00, before bulls resume.
Conversely, break below $48.00 would delay for extended correction.
Res: 50.00; 50.22; 51.00; 52.21
Sup: 48.98; 48.00; 47.52; 46.88
Interested in DB WTI technicals? Check out the key levels
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