Outlook in Crude Oil has turned neutral at the moment , the pair is in a pullback mode below 54.09 levels , support comes at the 50.29 levels ahead of the 47.35 levels . At this point , I’d expected strong support above the 47.35 levels to contain fall from the 54.09 levels and bring rebound , however ; losing the 47.35 levels on a daily closing basis will terminate the current bullish run and open the 43.57 levels where a cut will open the 40.00 levels.
On the upside , resistance comes at the 54.09 levels , break of the 54.09 levels is needed to restore the upside momentum , If seen , focus will be on the 56.00 levels ahead of the 59.50 levels.
In all , Outlook in Crude Oil remains neutral with risk to the downside towards the 47.35 levels before the next rise, break of the 54.09 levels will restore the upside momentum and open the 56.00 levels ahead of the 59.50 levels.
Note that , losing the key support 50.29 on a daily closing basis will increase risk towards the 47.35 levels while a failure to hold below the 50.29 levels could mean a return to the 54.09 levels before the next possible fall..