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WTI Crude Oil has the 48-50 Price Range in Sight

Yesterday, we saw that the technical picture of WTI Crude Oil was bullish.
Oil Prices Still Look Bullish

Indeed, price broke above the consolidation noted in the previous post, pushing at the 45 handle.

USDWTI 1H Chart 4/27

(click to enlarge)

If this bullish breakout is true, a pullback should hold above the 43.30-44.00 area. A break below 43.00 could suggest that a significant bearish correction is coming. Otherwise, we are looking up to the 48-50 area. 

USDWTI Daily Chart 4/27

(click to enlarge)

As we can see in the daily chart, the 48-50 area represents a common resistance area for a consolidation that formed between September and November in 2015.