Oil finds a good support at the 47.00 level

WTI oil has found a good support zone around the 47.00 level as shown on the daily chart. The 47.00 round number level coincides with the 61.8% Fibonacci retracement of the rally that it had from the 44.00 level to the 52.00 level. The combination of the 61.8% Fibo and the 47.00 level has made that zone a very strong support for WTI oil. The volatility on oil has risen lately after Qatar had some political differences with its neighbors like, Saudi Arabia, Egypt, Bahrain, and the United Araba Emirates. However, even with the current volatility, the price of WTI oil has not been able to break below the 47.00 level or above the 48.00 level. To the downside, below the 47.00 level, the next important support is at the 46.00 level, which coincides with the 76.4% Fibo, followed by the low at the 44.00 level. Above the 48.00 level, the next resistance could be at the 200 day EMA on the 49.41 level, followed by the 50.00 level.