Oil continues growing and is poised to enter resistance zone 43.63-44.80. It’s likely that ADX indicator will shift to the area of trending pressure by this time that will signify a substantial potential for further growth to 50.00.
Locally the asset settled above the latest high 43.15 and broke the upper Bollinger band. We note a trending state of ADX that firmly suggests a further bullish forecast. We expect the price at 44.80-45.00.
Intraday dynamics of the market is on a trending level. Tangible boost of growth may take place as oil broke the hourly upper Bollinger band and grows amid very active ADX.
Main scenario: Growth to 44.80-45.00.
Alternative scenario: Break above 45.00 in direction 45.60-46.00.
Longs to 44.80-45.00, 45.60, 46.00.