Pullback on oil could be temporary

WTI Oil is continuing pulling back to the upside since it bounced from the 42.00 level to reach the 43.42 zone at the moment. It is possible for oil to continue rallying maybe towards the 44.00 level, but there is a good chance for that level to act as resistance, due to the fact that on May 5^th, it acted as a support as shown on the daily chart. We should remember that usually support become resistance or resistance becomes support. The bearish trend is still in place, even though the price of oil has been rising during the last three trading sessions. Never the less, if the bearish trend is to continue, the price must break below the 42.00 level and maybe go and visit the 41.00 level. Above the 44.00 level, the next resistance could be the zone between the 46.00 level and the 47.00 level. But a better resistance level could be found at the 200 day exponential moving average (blue line), which is currently around the 48.68 level.