US Oil – near-term action remains neutral while the price holds within $50.20/$51.00 range

WTI Crude Oil

Oil price entered narrow consolidation after pullback from fresh multi-month high at 52.21, posted last week, found footstep above psychological $50.00 support. Near-term action will remain in neutral mode while the price holds within $50.00/$51.00 range.

Daily bulls are so far intact and the price remains within larger congestion, formed between $49.78 and $52.21, after attempts above initial barrier at $51.59 (former congestion tops) failed to sustain break higher.

The first trigger lies at $50.20 and break lower would put pressure on ey near-term breakpoint at $49.78, loss of which would signal deeper correction. Otherwise, prolonged consolidation above $50.20 would keep fresh upside attempts in play. Firm break above $51.00 is needed to confirm fresh near-term bulls and re-focus $52.21 high.

Res: 51.00; 51.44; 51.81; 52.21
Sup: 50.20; 49.78; 49.14; 48.20

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