Light Crude Oil prices rebounds away from Fibonacci Expansion 127.2% at 48.43 and broke above 50 yesterday. A temporary correction is ongoing and prices are still expected to continue falling. However, should current candle find support at 50.29 on H4 chart, it possible for an inverse head and shoulder pattern to be formed and prices may surge upwards.
Focusing on H1 chart, 50.29 stands as a strong support price that turned into a resistance. Candle movements show a strong buying action in the market as seen by the long bullish candles in the past 8 hours. Aggressive traders may set a buy limit at 50.29 or even 50.00 to ensure the best price to enter the market.