WTI Crude Oil (current price: $49.80)
Oil has been trading in a narrow range just below $50 for the past couple of days, after breaching the crucial resistance last week. The most traded commodity is still in a strong uptrend that started in February, as the historic decline of 2015 triggered a more than 80% rally from the lows near $28. A strong resistance zone is found near the $51.25 level that marks the October high for oil and serves as a possible target for the current advance.
Our assessment: Oil remains bullish as long as it says above the short-term support just above the $47 level, with trend-line support near $47.50, and a major support/resistance line at $46.50.
