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Crude oil: Poised for a rally

Crude oil has taken off from the key weekly moving averages. It has formed an inside bar on the weekly chart at that level and broken out on the upside. It has crossed the key hurdle of $103, which is now acting as a key support. Since the last couple of weeks crude has been trading with a sideways to bearish bias. It has formed a running triangle and is ready to break out on the upside. The oil is now set to test the high of $114.83 and the equality target beyond that is $127.

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