The near term support is around $50.40-49.80 and any violation below will drag the commodity down till $47.50/$45.50.Any break below $49.80 confirms minor weakness.
It is good to buy on dips around $52.90-52.20 with SL around $51.60 for the TP of $58.66-64.64.
The WTI CRUDE OIL could build an inverted reversal chart pattern, which are indicated by the purple boxes. A continuation is expected towards the 23.6% level of wave B vs A (light purple).
The WTI CRUDE OIL is showing a small consolidation pattern. A break could see price move up towards the 1.15 resistance (red) whereas a break below support (blue) will probably see price move lower and test the levels of wave 2 vs 1 (green). These Fibonacci levels are expected to potential support levels and bounce zones for a move higher. A break below the 100% Fib of wave 2 vs 1 invalidates the wave 1-2 pattern.
ONE SIDE RALLY