The oil has been consolidating for 4 days in a row, making a higher lows and making minor support at the 93.35 level. Today, the oil opened with a bullish note held above the support level. The daily RSI is consolidating at the oversold levels. For an hourly basis, the prices are closed above 35DEMA and 12ema as well. We expect a corrective pull back towards the 93.94 and 94.40 levels. A h4 candle is to be closed above 94.40; we expect some strong pull back to lead to the 94.80 and 95-95.20 levels.
Support is at 93.40 and 93.10.
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