WTI Crude Oil (current price: $48.20)
Oil started the session in bullish fashion as it re-tested the $49.30 resistance that we have been monitoring for a week now. The commodity retreated from the crucial zone yet again, despite the slight correction in the bullish trend f the U.S. Dollar. All eyes are now on the short-term support near $47.50, with the major resistance levels of $50 and $51.50 lying ahead in the case of a continuation of the bullish trend. The 200-day MA is still well below the current price at $40.50
Our assessment: The most traded commodity is still holding on to most of its gains despite the mixed session on Friday, but a correction looks more and more likely.
