Crude oil has been topped out again in the 61.80 regions, while today, trading has been locked in a consolidation mode. Trading between SMA20 and SMA50 is a sign of neutrality.
We should witness a four-hour closing below SMA50-red- to make sure that, the pullback will continue.
As for now, we will be neutral until we catch a confirmed sign of direction, while the levels to watch are 59.50 and 60.70.
- Support: 59.50-58.80-57.55.
- Resistance: 60.00-60.70-61.65.
Recommendation: Stand aside.