FXHighway
Long

Crude oil resumes the bullish track

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
132 0 4
Target 51.67
Risk: 48.45

Technical reasons:

Crude oil             price was few pips shy from our waited target at 45.62, which represents 23.6% Fibonacci for the rise from 26.05 to 51.67, to return trading above the main bullish trend line now, which signals that the price is regaining its main bullish trend .

The exponential moving averages 50 and 100 provide positive support to the price now, to make the bullish bias expected for the coming period, and the first target begins by testing the recent top at 51.67.

MACD provides additional positive support to the expected bullish trend .


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