Oil is currently trying to settle above the $51 level. RSI is close to the overbought territory but there is still plenty of room to gain momentum. If oil settles above $51, it will head towards the next resistance at $51.50. A move above this level will push oil towards the $52 level.
On the support side, the nearest support level for oil is located at $50.50. In case oil gets below this level, it will decline towards the $50 level. A move below the psychologically important $50 level will be a disappointment for the bulls. In this case, oil will likely gain downside momentum and move towards the support at $49.40.
On the support side, the nearest support level for oil is located at $50.50. In case oil gets below this level, it will decline towards the $50 level. A move below the psychologically important $50 level will be a disappointment for the bulls. In this case, oil will likely gain downside momentum and move towards the support at $49.40.
Related publications
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.
Related publications
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.