After six consecutive trading sessions of decline, oil price finally reacted yesterday by rallying in the final part of the European session. Oil rebounded up to $53.20 without needing the support level at $51.50 but so far, the risk-off scenario continues to dominate, and oil was unable to continue its recovery.
Technically we will have a positive signal if the price surpasses $53.20, with space for further rallies towards a potential target of $54.80-$55. Vice versa, a fall below the low reached yesterday at $52, would denote further fragility, opening space for a new test of the key support zone placed between $51 and $51.50.
