Golden Cross on WTI Oil

The Golden Cross occurs when the 55 day exponential moving average crosses above the 200 day exponential moving average, which has bullish implications for the instrument in the medium term, even though in the short term a bearish correction may appear. On the daily chart of WTI Oil we can see a golden cross around the 42.81. The price may continue higher and visit the 50.00 which could act as a temporary resistance from where a bearish pullback may develop. If the price retraces to the downside, it may go and visit the 46.00 level, which could act as support. Above the 50.00 level there are no more resistances until the 60.00 level.