Crude Oil Bullish Above 48.30
ICN.com | Jun 30, 2016 04:27AM ET
Crude oil price has risen over the past two days, and we find that the price settled above 48.30, which is considered positive. However, we will need to prove positivity by trading above the psychological barrier 50.00, and then a break for the resistance 50.65 to confirm the extension of the upside trend.
It is possible to rely on the stability of trading above the moving averages and the stability of the RSI above the 50-point line to expect a positive attempt, as these conditions are supportive of stability above 48.30.
- Support :49.00–48.35–47.05
- Resistance : 49.65–50.00–50.65
Direction: Bullish above 48.30, targeting 50.65 and 51.40 as long as trading above 48.00.
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