NYMEX Crude Oil retraced 61.8% of its previous up move and has bounced back. More importantly, crude oil has closed above the daily moving averages. In addition, the daily momentum indicator has turned bullish, indicating that crude oil is likely to inch higher towards 64.24 – 65.70 in the forthcoming trading session. On the way down, 60.51 will act as crucial support in the near term. From the medium term perspective, the trend is bullish as long as it is trading above 58.07. The daily momentum indicator has turned bullish.
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