Crude Oil Prices Grinding Higher
There was an increase in buying pressure for Crude oil, and as a result, its price rose above $49.00 against the US Dollar.
The price broke many resistances like $47.50 and $48.00 to gain pace above $49.00. The price recently traded as high as $49.25 and currently following an ascending channel with support at $48.60 on the hourly chart.
An initial support is around the 50% Fib retracement level of the last leg from the $48.25 low to $49.25 high at $48.75. Buying dips in the short term towards $48.75-60 is a good idea as long as the channel support is intact and holding losses.