Oil gains bullish momentum

After the WTI Oil broke above the 48.00 level and above the 200 day EMA, the commodity has been rising in an orderly fashion until coming very close to the 50.00 level as shown on the daily chart. The 50.00 level could act as resistance and the price of WTI oil could bounce to the downside from that zone. In case of a bearish bounce from the 50.00 level, the WTI could form a breakout and pullback pattern on the 200 day EMA. On the other hand, a breakout of the 50.00 level, could take the price to the 51.00 level or the 52.00 level. The 52.00 level could act as a resistance, but a better resistance could be the 53.00 level. If the price of WTI oil manages to break below the 48.00 level, any of the round number levels from the 47.00 to the 42.00 level could act as support.