WTI oil – consolidation under 200SMA seen preceding final push towards $50.00 target

US CRUDE OIL

WTI oil is consolidating under fresh nearly two months high at $49.22, posted on Thursday in extension of strong four-day rally which commenced from Monday’s $45.39 low.
The rally is so far holding below 200SMA barrier ($49.42) and may extend consolidation before bulls resume through 200SMA towards next target at psychological $50.00 barrier.
Oil price remains well supported following announcement of export cut from Saudi Arabia earlier this week, continuous drawdown in US crude inventories and weak US dollar.
Thursday’s extension above bull-channel upper boundary generated fresh bullish signal after the price emerged above thick daily cloud on Wednesday.
Solid supports at $47.93/76 (broken 100SMA / Fibo 38.2% of $45.39/$49.22 upleg) are expected to hold extended dips and keep bulls intact.

Res: 49.22; 49.42; 49.63; 50.00
Sup: 48.85; 48.24; 47.89; 47.30