Crude oil Poised for a breakout

NYMEX crude oil has been in a consolidation phase since the beginning of January. The consolidation has been in a triangle pattern. We believe that the NYMEX crude oil has completed the triangle pattern and is poised for a breakout on the upside. On the way up, it has a minor resistance at 54.34, above which the bulls are likely to take charge. It can inch higher towards 55.24-56.85 once it closes above 54.34. On the way down, 52.73-51.72 will act as a support in the near term. The momentum indicator is in a ‘buy’ mode. The uptrend is likely to accelerate once NYMEX crude oil closes above 54.34.
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