Oil made an attempt to settle below the support at $51.50 but failed to develop sufficient downside momentum and rebounded closer to the resistance at $52.70. If oil settles above this level, it will move towards the next resistance at $53.30. A successful test of this level will push oil towards the next resistance level which is located near recent highs at $53.80.
On the support side, oil needs to get back below the $52 level to have a chance to develop downside momentum. If oil settles below this level, it will move towards the recent lows near $51.50.
On the support side, oil needs to get back below the $52 level to have a chance to develop downside momentum. If oil settles below this level, it will move towards the recent lows near $51.50.
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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.