FXHighway
Long

Crude Oil sets for more rise

NYMEX:CL1!   Light Crude Oil Futures
47 0 1
Target: 67.05
Risk: 57.50

Technical Reasons:

Crude oil             price consolidation above the ascending channel’s support and bouncing bullishly supports the continuation of the main bullish trend , with positive signals coming from stochastic now on the daily time frame.

The exponential moving averages 50 and 100 provides good positive support to the bullish wave, and building solid support base above the previously breached 23.6% Fibonacci level to turn now into support at 57.48.



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