Oil is to go long on Fibonacci on short term.
Support for now but resistance to move in opposite direction at 50.80. Higher than this it may gain support all the way to 2.618 position at 51.76 and then move downwards and trade between 51.29 (1.618) and 51.76 (2.618). Once it crosses the 51.29 in the short term downwards, price fluctuations may bring it down through speculation or failed deals from Opec but soon gain support and move it upwards to trade in the range of 55+.
Support for now but resistance to move in opposite direction at 50.80. Higher than this it may gain support all the way to 2.618 position at 51.76 and then move downwards and trade between 51.29 (1.618) and 51.76 (2.618). Once it crosses the 51.29 in the short term downwards, price fluctuations may bring it down through speculation or failed deals from Opec but soon gain support and move it upwards to trade in the range of 55+.