Oil price is in directionless mode for the second day, after Tuesday’s trading ended in long-legged Doji.Pullback from fresh high at $52.39 found footstep at $50.27, keeping intact strong support at $50.00 but failed to sustain subsequent bounce.Overall picture remains firmly bullish but negative signal on Slow Stochastic’s reversal from overbought territory may trigger deeper pullback after strong upside rejection above former top at $51.92 (19 Oct high) that was shaped in red candle with long upper shadow.
Extension below $50.27/00 would generate bearish signal for further easing towards next pivot at $49.49 (Fibo 38.2% of ($44.81/$52.39 upleg).Conversely, bounce above Tuesday’s high at $51.58 will give bullish signal.
Res: 51.18; 51.58; 51.92; 52.39
Sup: 50.27; 50.00; 49.49; 48
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