Crude oil has been trading in higher high higher low formation suggesting the trend to be bullish in the near term, currently it has corrected and is at the support zone of the 20-day SMA. Technical setup suggests that corrections are likely to find buyers on declines. It would be prudent to say that crude oil could rebound towards $48.00 and $48.75 if it sustains above $47.00.
Technical Analysis Team
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