After breaching the initial resistance of the major trend around 52.70 and the price settled above it for a week it pulled back to breach this level again strongly towards the downside closing below it at 50.40 which represents 38.2 % Fibonacci. The short term and intraday directions are unclear right now while its moving around 50.40 and 47.80 represents the full correction levels of the whole rise started at 43.60 to 54.65 as any clear break out occurs below it will take the price to the short term downtrend targeting 30.00 a barrel but the retrace from here will lead to another attemp to breach 52.70 once again targeting 57.75.
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