Light Crude Oil prices rose after failure to hold below 48. Candles found support at 48.74 and a retracement of the current down trend is observed. Candles are expected to rise and test 50.00 this week and should candles remain resisted, a continuation of the down trend is expected.
Focusing on H1 chart, 48.74 remains as a strong support with candles failing to break below for the seventh time in the past week. Candles are then expected to continue rising towards 50 and should candles find resistance again forming a lower high, a continuation of the down trend is expected.
Broker of the month
Trend Direction | S3 | S2 | S1 | R1 | R2 | ||||
| Bullish for today | 46.70 | 47.72 | 48.74 | 50.00 | 52.10 |