Oil is Consolidating Its Gains And Remains Positive

US crude oil futures prices witnessed a bullish bias during the previous trading session within a bullish path, as we expected touching the first target of 46.00, to reach its highest level at 46.54.

Technically, the current moves are noticeably positive after oil managed to stabilize above 45.80, while still see a positive motive from the 50-day moving average.

Consequently, the bullish scenario will remain valid and effective targeting 47.00 / 47.10 as the first target, and the gains may extend later to a visit of 47.70.

On the downside, trading below the support level of 45.20 capable of cancel the expected rise, and oil starts trading negatively, targeting 44.00 and extending later to 43.30.

Warning: US Jobs Data are due today, which may have a significant impact on market movements.

S1: 45.20	R1: 47.10
S2: 44.00	R2: 47.75
S3: 43.30	R3: 48.90