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Time To Go Long Crude Oil: Part II

Published 12/12/2016, 05:54 AM

Here is what I said on 2nd December, the daily chart of that day, regenerated here:
Crude Daily

Nothing special to add here as whatever I expected in crude Oil technically is so far looking right to me. It holds well above the area of 49.20 and printed a low of 49.45 only.
Technically I was expecting the break and sustained movement above 52 which has played out today so far. Here is the latest daily chart of crude oil:

Crude Daily

Technically, the daily chart will face first significant Resistance now around 56.71-58.00 zone from where we can expect some reasonable pullback to give another round of buying and a slight ease from overbought position to get normal till that time.

Outlook is bullish, accumulation on any further decline will be my strategy as I am sticking with my same target area of $62 followed by $68 and $72 in the coming months.

Resistance: 55.00 / 56.72
Support : 52.40 / 51.50

Any type of negativity is expected only below the 52.00-49.40.00 zone.

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