Oil made an attempt to settle below the support at $51.50 but failed to develop sufficient downside momentum and rebounded closer to the resistance at $52.70. If oil settles above this level, it will move towards the next resistance at $53.30. A successful test of this level will push oil towards the next resistance level which is located near recent highs at $53.80.
On the support side, oil needs to get back below the $52 level to have a chance to develop downside momentum. If oil settles below this level, it will move towards the recent lows near $51.50.
On the support side, oil needs to get back below the $52 level to have a chance to develop downside momentum. If oil settles below this level, it will move towards the recent lows near $51.50.
