Key point on oil

WTI Oil has been rising steadily and on the daily chart we can see that it has made a high around the 51.60 level from where it bounces to the downside. Today the price of oil reaches the 50.00 level, which could act as support due to the fact that it has acted as resistance in the past. The bullish trend is still in place, especially when the 55 day EMA, purple line is pointing up and it is separating from the 200 day EMA, blue line. The 51.60 could still act as resistance if the price keeps rising, but if oil breaks below the 50.00 level, then it may try to reach the 48.00 level. The 55 day EMA may also act as support if the price drops to that zone.