US oil maintains strong bullish stance on Monday and holding above Friday’s closing level at $52.27, after rally spiked to $52.92, the highest since 08 Mar.
Strong bullish sentiment is supported by bullish daily studies and Friday’s close above $51.97 (Fibo 61.8% of $55.01/$47.06 downleg), seeing scope for test of next target at $53.13 (Fibo 76.4% retracement.
Slow stochastic on daily chart turned north and entered again overbought territory after briefly reversing lower, signaling that correction signals are on hold.
Session low at $52.29 marks initial support, ahead of broken Fibo 61.8% at $51.97 and broken daily 55SMA at $51.63.
Res: 52.68; 52.92; 53.13; 53.78
Sup: 52.29; 51.97; 51.63; 51.49
