ACTIV8X

Crude Oil: will it break out 47.10?

NYMEX:CL1!   Light Crude Oil Futures
Oil             is starting to break the consolidation it has been caught into for the past week. The EMAs are converging upward, which means an undergoing uptrend.

Cutting through 47.10 will make the breakout scenario more secure, after the long consolidation Oil             has been going through. If it happens, Oil             will rally to 51.54 the Triangle's objective, with 50.14 as a primary objective.

Failing to breakout 47.10, and cutting through 45.21, will send Oil             back to 44.4.

The daily Pivot Point is around 46.13. The daily support levels are around 45.33 and 44.4. The daily resistance levels are around 47.06 and 47.86.
THANKS FOR DETAILS . INTERESTING CHART.
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ACTIV8X AMBRISH
You are welcome! I am glad that my chart was helpful.
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AMBRISH ACTIV8X
YOUR COMMENTS ARE CRYSTAL CLEAR LIKE YOUR CHART, NO IF AND BUT,
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ACTIV8X AMBRISH
Well I am flattered! I am glad that Oil has made a brave move after the long consolidation it went through lately...
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AMBRISH ACTIV8X
ALL THE BEST.
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ACTIV8X AMBRISH
Thanks! same to you.
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