Oil: Eyes on $50.00 Barrier

US crude oil futures prices opened their first weekly trading with a noticeable rise, attacking the psychological barrier of 49.00.

Technically, the price is based on an intraday above 48.50 and generally above 48.00 is a positive factor, the 50-day moving average continues to support the upward curve of prices.

Therefore, we will maintain our positive outlook, targeting 48.50, the first target, knowing that surpassing the aforementioned level increases, accelerates and confirms the strength of the daily bullish trend, so that the path is open directly towards the psychological barrier of 50.00.

Trading below 48.30 and the most important 48.00 negates the suggested scenario, and we may witness strong negative pressure, whose initial targets are around 47.10.

Note: Meetings of the Joint Ministerial Follow-up Committee of the OPEC is due today, and we may witness high volatility.

S1: 48.30	R1: 49.50
S2: 47.55	R2: 50.00
S3: 47.05	R3: 50.70