Light Crude Oil prices remained above 48 yesterday, holding just below Fibonacci Retracement 50.0% at 48.24. Candle movements yesterday shown uncertainty in the market as observed by the continuous ranging of prices between 47.80 and 48.70. Trend direction remains unclear but given that candles continue to lie above the upward sloping trend line, trend direction is slightly more biased towards the bullish side.
Focusing on the hourly chart, candles now touches the upward sloping trend line but has yet to give a clear signal of a reversal from the bearish run. However, it is observed that prices continue to refuse to hold below 48.00 which lies just below Fibonacci Expansion 161.8% at 48.18. Moving averages have started to converge and slowly flattening out, indicating a possible breakout either above or below 48.00.
|Bearish towards 47.18 should candles hold below 48 today||45.57||47.18||48.00||48.72||49.00||49.80|