Oil clocked one-year high and appears on track to test the inverse head and shoulder neckline level of $52.00 as there are little signs of stress on daily indicators.
Whether or not we see a bullish break depends on the noise surrounding the output freeze agreement between the major producers.
Also note the weekly 100-MA is yet to bottom out and still sloping downwards, hence caution is advised especially if prices move above neckline resistance.
On the downside, critical support is $49.12.
Whether or not we see a bullish break depends on the noise surrounding the output freeze agreement between the major producers.
Also note the weekly 100-MA is yet to bottom out and still sloping downwards, hence caution is advised especially if prices move above neckline resistance.
On the downside, critical support is $49.12.
