Oil’s repeated failure to dip/sustain below $45.50 followed by a sharp rally on Thursday, which saw prices end at $48.86 (highest since September 9) suggests a short-term bottom is in place around $45.50 and further gains await on the other side of the falling trend line hurdle seen around 49.00/barrel.
On the lower side, $48.23 (Sep 23 high) is a key support.