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Crude Oil: Up to 48.38?

Crude Oil: Up to 48.38?

Crude Oil WTI NYMEX:CL1!

Oil closed its second consecutive session in the green, after failing to breakout its Trend line in Orange. On Friday, Oil was caught between its EMA10 and its 46.29 support level, which was a rough level.

A breakout of 47.5, will keep the bullish market going with 48.38 as an objective, and 47.96 as a primary objective.

A retreat below 46.29, will send Oil south, back to 44.4, with 45.43 as a primary objective.

The daily Pivot Point is around 46.97. The daily support levels are around 46.44 and 45.63. The daily resistance level is around 47.78 and 48.31.