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.


Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: