Sustained MA-200 and MA-21, Oil Potential Bullish More

Rally in crude oil prices is still possible to continue on Friday as investor focus turned to the increase in gasoline demand in the US. Despite the reported increase in US crude inventories last week, the Energy Information Administration report also showed last night demand growth of almost 4% in the last 4-weeks compared to the same period a year earlier.

The dollar index moved lower which also has the potential to bring an extra boost to the price of "black gold", by making commodities denominated in the US currency more affordable for holders of other currencies.

But investors also need to be aware of reports the number of active drilling rigs in the US are usually released by Baker Hughes on Friday night. Either increase or decrease the number of active rigs in the US usually can affect the demand outlook, and have a direct impact on oil prices.

On the technical side, visible bias remains bullish in the 4-hour chart. But still needed a break consistently above 46.30 area to promote the sustainability of bullish movement retest 47.20 area or even the peak level area September 3 in 48.40. On the reverse side, the MA-21 at around 45.00 will act as immediate support. Clear break below that area would likely bring the price to neutral zone in the short term, with the potential to test the MA-200 at around 44.10. The next support could be found at 43.35 area.