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The support levels published during the previous technical analysis located at 51.40 / 51.30 were able to limit the slight bearish tendency witnessed by the crude oil movements, which forced the price to rebound again.
Technically, the RSI indicator still supports the possibility of upward direction, and we find the 50-day moving average is still holding the price from below.
Today, we hold onto our positive outlook, knowing that confirming the breach of 52.70 is an important and essential condition for continuing to rise towards the required targets of 53.20, the first target, and then 53.90 official next stop.
Breaking the support level at 51.30 will negate the bullish scenario and lead oil to a bullish intraday path, with initial targets located around 50.85 and extending to 50.50.
| S1: 51.50 | R1: 52.70 |
| S2: 50.85 | R2: 53.25 |
| S3: 50.30 | R3: 53.90 |
