Crude oil price managed to reach psychological level at $50/barrel for the first time in 7 months, thanks to data report that showed a decreasing oil supply in huge amount, weakening USD, and market optimism that the OPEC meeting next week will bring out something to solve the global oil oversupply problem. 

USD is still weakening against major currencies. This weakening brings positive sentiment to crude oil market in USD denomination.

A technical correction has occurred to within the Fibonacci support area at 49.22-49.59. Note that 20 MA and 50 MA are still rising. Hourly stochastic and CCI are oversold. I suggest to wait for bullish signal confirmation within the support area to go long with 49.81 as target and 50.18 in extension. 

Please be careful if the price managed to break the support at 49.22 because it will turn the intraday bias to bearish and possibly will be followed by another bearish move to 48.96-48.63.

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