Oil Flirts With $50.0

US crude oil futures USOILG1 delivery, maintained their gains touching the first target required to be achieved during the previous report, located at 48.50, posting a high of 48.56.

Technically, the price is based above the previously breached resistance level 47.65 / 47.60, which was accompanied by the price continuing to obtain a positive stimulus from the 50-day simple moving average.

This encourages us to maintain our positive expectations, completing the second target 48.90 / 49.00 and then 49.35, respectively. It should also be noted that the recent breach is capable of consolidating oil’s gains to be the next stop at 50.00.

A reminder that trading remaining below 47.60 is capable of cancelling the bullish scenario temporarily, we may witness a re-test of 46.80 and 46.40, respectively, before resuming attempts to rise again.

S1: 47.65	R1: 48.90
S2: 46.85	R2: 49.35
S3: 46.40	R3: 50.10