WTI oil’s near-term action remains bearishly aligned and may revisit Friday’s low at $47.98 (reinforced by 100SMA) as last Thursday’s long red daily candle continues to weigh.
Oil price is attacking again strong support at $48.49 (Fibo 38.2% of $45.39/$50.41 upleg, currently reinforced by rising 20SMA) which contained multiple attacks in past two weeks and was cracked on Thu/Fri but without close below it so far.
Return to $47.98 pivot would further weaken near-term structure and risk further downside on sustained break lower.
At the upside, 10SMA turned south and offers initial resistance at $49.04, guarding 200SMA at $49.43 and psychological $50 barrier, which capped upside attempts during past two weeks.
Res: 48.88, 49.04, 49.43, 50.00
Sup: 48.24, 47.98, 47.31, 47.00
