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Crude oil on an upward Move

From the high of $112.24 NYMEX crude oil tumbled down sharply in last few months. The entire fall has unfolded in a channelised manner. However, the correction halted near the 78.6% retracement mark, from there the oil has started moving up. Recently it has broken out from the falling channel. The short-term momentum indicators are in line with the channel breakout. In terms of wave structure, the move on the upside is breaking up into lower degree waves. The swing’s low of $96.21 will act as a key support. The key levels on the upside are $102-$104.50.

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