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Crude Oil: will it break out 47.10?

Crude Oil: will it break out 47.10?

Crude Oil WTI NYMEX:CL1!

Oil is starting to break the consolidation it has been caught into for the past week. The EMAs are converging upward, which means an undergoing uptrend.

Cutting through 47.10 will make the breakout scenario more secure, after the long consolidation Oil has been going through. If it happens, Oil will rally to 51.54 the Triangle's objective, with 50.14 as a primary objective.

Failing to breakout 47.10, and cutting through 45.21, will send Oil back to 44.4.

The daily Pivot Point is around 46.13. The daily support levels are around 45.33 and 44.4. The daily resistance levels are around 47.06 and 47.86.