Oil gained strong upside momentum and is trying to settle above the psychologically important $50 level. RSI remains in the moderate territory so there is plenty of room to gain additional momentum.
If oil gets above the $50 level, it will head towards the next resistance at $50.50. A move above this level will push oil towards the resistance at $50.90.
On the support side, the previous resistance at $49.40 will likely serve as the first support level for oil. If oil declines below this level, it will head towards the next support at $48.65.
If oil gets above the $50 level, it will head towards the next resistance at $50.50. A move above this level will push oil towards the resistance at $50.90.
On the support side, the previous resistance at $49.40 will likely serve as the first support level for oil. If oil declines below this level, it will head towards the next support at $48.65.
