Oil Tests Major 50.00 Level
Martin Janson | May 26, 2016 06:43AM ET
The oil price is currently trading just below the major psychological 50.00 level. It also coincides with the seven-month high and the upper boundary of a possible rising wedge formation.
My current bias is currently flat as we'll have to wait and see if the rate can manage to break and hold above the 50.00 level and continue higher to the potential rising channel suport around 55.00.
If we see a rejection a fall towards the wedge/channel support around 46.00 can be expected.
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