NYMEX crude oil has broken above the swing high of 52.86 and continues to form higher top higher bottom pattern on the daily chart. In addition, it is trading above crucial moving averages. In the near term, 52.56–51.35 will act as support levels on the way down. Dips towards the support levels can be seen as a buying opportunity. On the way up, it is likely to inch higher towards 55.24– 56.30. The short and the medium-term outlook remains bullish for NYMEX crude. The daily momentum indicator is in a positive mode.
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