The hourly chart of crude oil has formed Symmetrical Triangle Pattern. Adequate time was given and also broke out at $49.40(3158) as per the waves 3 / 4 triangle starting from base of up move. The current uptrend moves steadily by confirming us with a buy signal towards $50.50-$52. (3228-3333)
The Current prices are seen out of place which indicates a strong bullish rally is ahead. Short term intraday support is seen at $49.20 (3140). A break below would lead to more selling pressure towards $48.50-$47.50(3090-(3090-3030). If a break below occurs, then sell and then buy would be the best trading strategy.
As per the cross over moving average, the first level of target has met out at $1283(28800) and consolidated towards $1300(29200). The 50-day moving average, the Long term 100-day moving average of gold prices crosses above the Short term 50- day moving average as seen in the chart. This indicates a bullish momentum. Intraday Support previous resistance will become support at $1273(28650). Additional longterm support could be seen at 100 day moving average $1256(28500).