US Oil – fresh bulls eye last week’s peak at $50.48

WTI oil price regained traction on Monday after Friday’s trading was shaped in Doji candle and returned above $50 barrier.
Fresh bulls are establishing above weekly cloud top ($49.87) which was dented last week but failed to close above the cloud and eye last week’s high at $50.48 (the highest since 25 May).
Long weekly bullish candle (oil price rallied near 5% last week) underpins, along with firmly bullish daily techs.
Eventual close above cracked Fibo 61.8% retracement of $55.01/$42.04 ($50.06) former top of 01 Aug at $50.41, would generate stronger bullish signal for resumption of recovery leg from $42.04 (1 June low) towards next barrier at $51.98 (25 May peak).
Psychological $50 level now acts as initial support, followed by broken 200SMA ($49.57) which is expected to keep the downside protected.

Res: 50.41; 50.48; 50.77; 51.00
Sup: 50.00; 49.57; 49.00; 48.73