Oil maintains bullish tone for fresh attempts at $55.00/22 targets

Slobodan Drvenica Windsor Brokers

US CRUDE OIL

Oil price remains bullishly aligned and shows scope for final push towards key short-term barrier at $55.22.
Psychological $55.00 barrier has been cracked on Tuesday, but several attempts higher this week that left daily candles with long upper shadows, suggest that there is strong hesitation at this barrier.
Bullish daily studies are supportive , with rising 10SMA that tracked the price action this week, offering solid support at $53.62 which should contain dips and keep bullish scenario in play.

Res: 54.49; 55.00; 55.22; 56.00
Sup: 54.03; 53.62; 53.33; 52.90

Interested in Oil technicals? Check out the key levels

1. R3 55.9967
2. R2 55.5333
3. R1 54.9067
PP 54.4433
1. S1 53.8167
2. S2 53.3533
3. S3 52.7267

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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