Outlook in Crude Oil has turned neutral at the moment , the pair is in a pullback mode below 54.85 levels , support comes at the 50.85 levels ahead of the 48.27 levels . At this point , I’d expected strong support above the 48.27 levels to contain fall from the 54.85 levels and bring rebound , however ; losing the 48.27 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 54.85 levels , break of the 54.85 levels is needed to resume the upside momentum , If seen , focus will be on the 56.20 levels ahead of the 59.70 levels.
In all , the Crude Oil is likely to consolidate within 48.27/54.85 range before the next move , below 48.27 will open 43.57 levels while above 54.85 will open 56.25/59.70 levels…
Note that the pair is below 50.85 levels at the moment , 50.85 is likely to serve as resistance but watch out , 48.27 should provide strong support and bring rebound ……..