Oil gained strong upside momentum and managed to get above recent highs at $46.65. Currently, oil is moving towards the $48 level. There are few important levels in this area so oil may move fast.
The nearest significant resistance is located at $48.60, although oil may also face some resistance at lower levels. If oil gets above $48.60, it will head towards the next material resistance at $49.40.
On the support side, the previous resistance at $46.65 will likely serve as the first support level for oil. If oil declines below this level, it will gain downside momentum and quickly get to the test of the next support at $46.25.
The nearest significant resistance is located at $48.60, although oil may also face some resistance at lower levels. If oil gets above $48.60, it will head towards the next material resistance at $49.40.
On the support side, the previous resistance at $46.65 will likely serve as the first support level for oil. If oil declines below this level, it will gain downside momentum and quickly get to the test of the next support at $46.25.
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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.