Oil Looking For Extra Momentum

Positive trades dominated US crude oil futures prices few points shy of the first target to be achieved yesterday at 48.90, posting the highest price at 48.78.

Technically, the 50-day moving average is still holding the price from below, meeting around 46.80 / 46.70 and adding more strength, in conjunction with the price continuing to get positive signals from the RSI.

This encourages us to maintain our positive expectations, targeting 48.70 the first target then 49.20. Only from below the return of trading to stability below 47.65 negates the bullish scenario and puts the price under temporary negative pressure targeting 47.20 and 46.70.

Warning: The level of risk may be high today.

S1: 47.65	R1: 48.70
S2: 47.20	R2: 49.20
S3: 46.70	R3: 49.55