WTI Oil: Bullish, But Faces Pullback Threats Below 49.75
Outlook in WTI oil remains on the upside as long as 49.75/48.54 support holds on a daily closing basis, resistance comes at the 50.83 levels, a halt is likely and a reversal may occur from here, but a break would open 52.20, further upside, resistance comes at the 54.00 levels.
On the downside, below 48.54 sees a fall risk to the 47.45/45.80 levels.
Conclusion: The WTI Oil continues to face upside threats above the 48.54 levels.
Note: The assumed target at 50.83 levels has been reached yesterday, so a corrective pullback is seen on the horizon, according to the 4-hour timeframe, below 49.75 sees a fall risk to the 48.20 levels where another rise is likely, stability above 49.75 will keep pushing towards the 50.83 levels, a clear break above 50.83 levels will eliminate the pullback threats…