US Crude oil cracked psychological $50.00 barrier; further upside seen on strong bullish sentiment

Slobodan Drvenica Windsor Brokers

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

1. R3 55.9067
2. R2 53.1033
3. R1 51.2567
PP 48.4533
1. S1 46.6067
2. S2 43.8033
3. S3 41.9567

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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