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NYMEX Crude Oil has broken the resistance line


NYMEX Crude Oil has broken out from the resistance line and is sustaining above it. The bulls are in control and crude is likely to inch higher in the coming trading sessions. On the way up, it should rise higher towards 52–53.40. On the way down, 49.42–48.65 will act as support. Dips towards the support level shall be seen as a buying opportunity, as long as it is trading above the crucial moving averages, which are currently pegged at around 48.50 levels. The daily momentum indicator is in a positive mode.
 
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