Oil defying gravity at trend-line resistance, prospects for $60 increasing

• The price of a barrel of oil has been climbing on the charts and is now well placed for higher levels.
• Bears still lurking below 60, with sights on the  61.8% Fibo at 51.70.

The Bulls have managed to get into a bullish position which opens risk towards the 60 handle on the daily outlook while the price is now testing the upper GMMA band's resistance and is now above the 200-daily moving average. The trendline resistance is a major barrier though.

The bulls, do, however, need to close above the 60 handle with conviction as failures there leaves the fundamental sounder prospects of the 52 handle at risk where a breakdown here could lead to a test of the 61.8% Fibo at 51.70 on the wide.