Bullish momentum still present on oil

WTI oil keeps its bullish momentum and reaches the 47.00 level from where it stalls momentarily. From this point oil may try to correct to the downside and if it does, then the price may be completing a breakout and pullback pattern to the 46.00 level, where a long entry may be possible. To the upside, WTI oil has the road clear all the way to the 50.00 level. Below the 46.00 level, its next support could be the zone around the 44.00 level where we also see the 200 day exponential moving average.