Oil Inclines To Touch 50.00 Levels
ICN.com | May 26, 2016 05:15AM ET
Oil inclined, touching 50.00 levels, which is a psychological resistance that will be followed by 50.90.
The bullishness remains favored based on moving averages and ADX, while overbought signs persist on RSI and could trace a bearish divergence.
Risk versus reward ratio is inappropriate; thus, we prefer to avoid trading oil today and we will close the previous longs at 50.00.
On the downside, coming below 48.05 will be bearish.
Support: 48.90 – 48.05 – 47.40
Resistance: 50.00 – 50.90 – 51.85
Direction: Bullish, but we will avoid trading.
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