Crude Oil Posts New Gains

Crude Oil is having a strong rally this week and the previous week. The uptrend has been going on since the price went as low as 46.55 and then took off to today's high at 52.20. Crude oil is making a substantial move to the upside with almost $6 in less than two weeks.

Next on the horizon is the 200SMA that needs to be conquered in order for the bullish move to continue. The 200SMA currently rests at 51.80, which means that we need to get a close above 52 today if the bulls want to have a big chance to prolong their dominance in the Oil market.

On the other hand, bears might attempt to push the price down at current market price. If they can bring it below 52 today, then this week might turn out to be a week where correction presides. Major bears target is seen at 47.

Chart: Brent.CMD D1