Light Crude Oil Futures have found support from the purple 200- Week Moving Average.
Today’s price closed at the declining green 50-Week Moving Average.
We feel several oil stocks are in bullish postures, entering a few long positions today.
However, the price is currently testing the declining green 50- Week Moving Average.
A declining 50-week MA often acts as resistance.
While there are many reasons to be bullish oil, we feel it is too early as we require new highs above the 50-Week MA.