Oil continues oscillating without direction

WTI oil has entered a congestion zone between the 47.00 level and the 48.80 level as shown on the daily chart. We can see that oil has had some positive daily candles and some negative daily candles, while the 200 day and 55 day exponential moving averages are actually flat. When the moving averages become horizontal, that is an indication that the instrument does not have a clear trend. Therefore, the price of WTI oil could come out of the consolidation in any direction. If the price breaks to the downside, below the 47.00 level, then any of the round number levels all the way to the 42.00 level could act as support. In case of a bullish breakout above the 48.80 level, the price would have to break above the 50.00 level, the 51.00 level, and even above the 52.00 level in order for the bullish trend to be confirmed and sustained in the medium term.