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  • Oil has been  stuck trading in a lateral position on the charts with  compressed volatility in the last few days.
  • The price has been holding above the golden cross but it needs to get over the 20-D SMA just above recent highs, guarding the 63 handle targets,  and given the heightened risks surrounding Iran, a break there opens 9th April highs at 64.77.
  • Should bears take back full control, the 200 DMA and 50% Fibo level accumulating in confluence at 60.60/59.60 respectively will come into play.
  • A break of the 50% level opens prospects for the 25th March lows at 58.20 ahead of the late Feb/early March highs guarding a break to the early Feb highs at 55.80.

Daily chart