Oil managed to get above the resistance at $47.70 and is trying to settle above $48. If this attempt is successful, oil will have a good chance to get to the test of the next resistance at $48.65. A move above $48.65 will push oil towards the resistance at $49.40.
On the support side, the previous resistance at $47.70 will likely serve as the first support level for oil. If oil declines below this level, it will head towards the support at $47.30. A move below $47.30 will open the way to the test of the support at $46.65.
On the support side, the previous resistance at $47.70 will likely serve as the first support level for oil. If oil declines below this level, it will head towards the support at $47.30. A move below $47.30 will open the way to the test of the support at $46.65.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.