Crude OIL – Short Term Trend Reversal in Progress?

Crude Oil is trading in a very tight range. Very short term trading sentiment turns positive and trend line resistance comes around 49.2 reference where more crowded stops are visible in that reference point. And few more stops are visible around 50.2 zone.

Crude OIL holding the current swing low is a critical support from the short term perspective. Breakout move is anticipated towards 49.2 and 50.2 in the very short term.

Monthly timeframe is currently in a broader consolidation zone with trading sentiment holds positive. Long term view holds positive as well. Spike up move up 49.2 further confirms the presence of longer timeframe buyers.

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