US oil has retaken rising trend line resistance and the bulls have another feather in their cap- bullish crossover between daily 100-MA and 200-MA. Bullish crossover or golden crossover between daily 50-MA and 200-MA already happened in early May.
- From there if prices manage to see two consecutive daily closing above rising trend line, the odds of a move higher to leg D of Cypher around $54.70 would rise.
- On the other hand, failure to sustain above rising trend line followed by a bearish break below daily 50-MA (seen today at $46.35) would open doors for a drop to $43.00 levels.
