Crude oil barely holding at $48

WTI closed yesterday under sellers' pressure stripping 1.46% of value in one session. Although technically speaking, it has failed to form a new HH, the market remains supported by an ascending trendline.

While flashing mild gains today, the price is still looking ahead to the $49 handle that holds the key to a further bulls' run-up. $49 handle was last visited as a price's support in February, just before the bloodbath in the energy market. With a kind of flat MACD and RSI in no man's land, further confirmation is need by the investors before placing their bets.

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