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Oil hits $50.00, next bullish target at $52.00 - Bednarik

FXStreet (Córdoba) - West Texas Intermediate crude oil futures advanced further on Thursday, reaching $50.03 a barrel before easing slightly, still poised to close the day well above its 100 DMA for the first time since early July.

The commodity advanced earlier on the day, on concerns over Russia’s military operations in Syria affecting oil production in the Middle East.

WTI technical view

“Anyway and from a technical point of view, the bullish potential is clearer given that in the daily chart, the technical indicators have resumed their advances after a limited downward corrective movement in positive territory”, said Valeria Bednarik, chief analyst at FXStreet.

“Should the price advance again beyond the 50.00 level, chances are of a continued advance, with 52.00 then as a probable bullish target”, Bednarik added.

The analyst locates supports at 49.05, 48.60 and 48.00, while she sees resistance levels at 50.00, 50.75 and 51.50.

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