New Oil Contract … CL_5X
44.60
The market not keeping its stability above 46.8s, the price bounced strongly to the downside after testing 46.80s level, to approach from the first support 44s.
And as we mentioned in our recent reports, 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 then 38s 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 |
