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  • The price of a barrel of oil has been climbing on the charts and is now well placed for higher levels.
  • Bears still lurking below 60, with sights on the   61.8% Fibo at 51.70.

The Bulls have managed to get into a bullish position which opens risk towards  the 60 handle on the daily outlook while the price is now testing the upper GMMA band’s resistance and is now above the 200-daily moving average. The trendline resistance is a major barrier though.

The bulls, do, however, need to close above  the 60 handle with conviction as failures there leaves the fundamental  sounder prospects of the  52 handle at risk where a breakdown here could lead to a test of the 61.8% Fibo at 51.70 on the wide.