Oil Continues To Trade Near The $48 Level

Oil is currently trying to stay above the $48 level. It should be noted that oil has already made several attempts to get back to the previous upside channel but failed to develop sufficient upside momentum. Perhaps, the previous trajectory is too aggressive, and oil will need additional upside catalysts to get to the $50 level.

The nearest resistance level for oil is still located at $48.65, and a move above this level will open the way to the test of the recent highs at $49.40. On the support side, oil has just tested the support at $47.70 which showed its strength. If oil manages to settle below this level, it will get to the test of the support at $47.30.