Oil Tests The $48 Level After Bullish Inventory Report
Oil gained strong upside momentum after the release of a bullish inventory report and is trying to settle above $48.00. More importantly, oil is trying to get back to the previous upside channel. If this attempt is successful, oil will head towards the next resistance at $48.65 and will have a good chance to get to the test of the recent highs at $49.40.
On the support side, the 20 EMA at $46.30 confirmed that it remained an important support level for oil. Most likely, oil will experience a material sell-off if it manages to settle below the 20 EMA.
On the support side, the 20 EMA at $46.30 confirmed that it remained an important support level for oil. Most likely, oil will experience a material sell-off if it manages to settle below the 20 EMA.
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