NYMEX Crude Oil is trading in a rising channel. Currently, it is trading near the upper end of the rising channel. Therefore, a minor degree correction or sideways consolidation is possible in the near term. On the way down, 64.84 – 64 will provide support in the near term. The short-term uptrend in crude oil remains intact as long as it is trading above the 40DEMA, which is currently pegged at 63.56. On the way up, crude oil can inch higher towards 68.50 – 69.20. The daily momentum indicator is bullish.
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