Good pullback on oil

WTI oil has made a good pullback to the 46.00 level as shown on the daily chart. Just below the 46.00 level we can see the 200 day exponential moving average, blue line, which may contribute along with the 46.00 level to prevent the price of oil to drop below it. Therefore, we could see a bounce to the upside. If the price bounces to the upside, then it may find resistance again at the 48.00 zone as it did recently. If the price continues rallying above the 48.00 level, then its next resistances could be the 50.00 level or the high at the 51.60. On the other hand, the price may also break below the 46.00 level and maybe try to visit the 44.00 or the 42.00 levels.