New Oil Contract … CL_5X
46.60
The market still on higher levels as we expected. so, if keeping its stability above 46.8, that’s will push the price to visit 49.30 level. However we expected trading range for today is between 45 and 48.00 .
we mentioned the price has tested the broken descending triangle, which then we do expect a higher levels to come as long as market higher than the tested candle as shown on the chart! Which is at the levels of 43s. In case the market felt below it (the lower probability) then a sell momentum would be the controller of the direction and below 40s a barrel would be expected.
However, what we do see the higher probable scenario is that market to be higher than the re-test point which then a confirming to be in a correction wave to be higher than $50s.
| Support | Resistence | |
| Level 1 | 45.13 | 48.30 |
| Level 2 | 44.03 | 50.50 |
| Level 3 | 42.87 | 52.20 |
