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.
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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.