Oil was struggling for the past 5 sessions to push forth below the 46.29 level, which is a critical level as it is around its trend line in Orange. Breaking out the consolidation zone, highlighted on the chart, will send it to 42.55, with 44.4 as a primary objective.
Breaking out 47.8 will reject the bearish market, with 49.39 as an objective, and 48.38 as a primary objective.
On a daily scale, Oil is heading to Breakout its trend line in Orange, which will send it south towards 44.4, with 45.43 as a primary objective. Oil will have 46.84 as a daily resistance, which breaking out will send it up to re-visit 47.5.
The daily Pivot Point is around 46.47. The daily support levels are around 45.46 and 44.83. The daily resistance levels are around 47.1 and 48.11.
Breaking out 47.8 will reject the bearish market, with 49.39 as an objective, and 48.38 as a primary objective.
On a daily scale, Oil is heading to Breakout its trend line in Orange, which will send it south towards 44.4, with 45.43 as a primary objective. Oil will have 46.84 as a daily resistance, which breaking out will send it up to re-visit 47.5.
The daily Pivot Point is around 46.47. The daily support levels are around 45.46 and 44.83. The daily resistance levels are around 47.1 and 48.11.
