Oil stays stable just below the 54.27 level

During the bullish pullback that oil has had recently, we can see that the commodity has made a recent high around the 54.27 level. The oscillation inside the range between the 47.32 and the 54.27 is becoming tighter and tighter. We can see that some days have been bullish and some days have been bearish, but it looks like the main bearish trend has been losing strength. Let’s be vigilant for a possible breakout of the 54.27 to the upside and the pullback afterwards, because the zone could become a good support. To the downside, the 47.32 is its most recent support, but the 44.00 level is the most important support up to now.