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Crude oil a channelised Rally

NYMEX crude oil in September 2013 had broken the previous low of $91.77. However, the bulls rushed in to provide support to the oil. Since then the oil is rallying in a channelised manner. It has recently crossed a crucial swing’s high of $100.75. Thus, the move can extend till $104.50 (the 61.8% retracement)—$107.50 (the upper channel line). The short-term momentum indicator is also pointing towards the upside potential. The bullish potential remains intact as long as the level of $100 holds.

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