US oil accelerated strongly higher on Friday and hit one-month high at $52.92 on renewed geopolitical risk on US military action in Syria.
Oil price extends strong rally from $50.75 higher base for the second day, accelerating through $51.97 pivot (Fibo 61.8% of $55.01/$47.06 descend) and hitting the base of thin daily cloud (spanned between 52.96/53.74) so far.
Fresh strong bullish sentiment that has established, neutralized fears of failure to sustain break above psychological $50.00 barrier, opening was for further upside action that may bring in focus key med-term barriers at $55.22/01 (peaks of 03 Jan / 21 Feb).
Oil is also on track for the second straight strong bullish weekly close that also gives positive signal.
Dips on profit-taking should find solid support at $51.59 (55SMA / session low).
Res: 52.92, 53.13, 53.44, 53.78
Sup: 52.24, 51.97, 51.59, 51.41
