Golden Cross continues on Oil

A few days ago we identified a Golden Cross on the daily chart of WTI Oil, which we said it was when the 55 day EMA crosses above the 200 day EMA. This moving average cross has bullish implications and even though the price of oil has not been able to break above the 50.00 level, the moving averages keep separating from each other showing us that the bullish trend may continue. The angle of inclination of the 55 day EMA is also important and as long as that angle is 45 degrees or more, the trend may remain strong. Above the 50.00 level we don’t have any more important resistances until the 60.00 level. To the downside, in case of a pullback, the 46.00 could act as a support.