Oil made an attempt to settle below the $45 level but received strong support at $44.45. The nearest support level for oil is still located at $44.75. If oil declines below this level, it will head towards the recent lows at $44.45.
A successful test of this level will open the way to the test of the next support level at $43.75.
On the upside, the nearest resistance level for oil is located at $45.80. A move above this level will push oil towards the next resistance at the recent highs at $46.25. If oil manages to settle above this level, it will head towards the $47 level.
A successful test of this level will open the way to the test of the next support level at $43.75.
On the upside, the nearest resistance level for oil is located at $45.80. A move above this level will push oil towards the next resistance at the recent highs at $46.25. If oil manages to settle above this level, it will head towards the $47 level.