Oil can rally to 55$ if it will overcome the 50$ price zone
Crude Oil has been on a rally since it touched the 43$ support zone. With all the MA lines lining up as support now, Oil continues to look bullish.
Right now Oil is struggling with a weekly resistance zone - The 50$ handle.
This Zone can send Oil back towards 45-46$ to test the support zone found there...
But if Oil will breach above the 50$ handle, it may rally all the way to 54-55$ to meet a strong daily resistance zone that includes 2 harmonic patterns: Bearish Gartley and a bearish Butterfly pattern.
Right now Oil is struggling with a weekly resistance zone - The 50$ handle.
This Zone can send Oil back towards 45-46$ to test the support zone found there...
But if Oil will breach above the 50$ handle, it may rally all the way to 54-55$ to meet a strong daily resistance zone that includes 2 harmonic patterns: Bearish Gartley and a bearish Butterfly pattern.
